June 21, 2010 (FinancialWire) — Umpqua Holdings Corp. (NASDAQ: UMPQ) said that its subsidiary, Umpqua Bank, has acquired the banking operations of Nevada Security Bank, Reno, Nevada, and its California division, Silverado Bank, in a purchase and assumption agreement with the Federal Deposit Insurance Corporation.

This is the third FDIC-assisted transaction for Umpqua Bank this year and the fourth since 2009. The transaction expands the bank’s footprint from three to four Western states: Oregon, Washington, California and now Nevada, with three new locations in Reno and one in Lake Tahoe’s Incline Village.

As of March 31, Nevada Security Bank had $492 million in assets and $480 million in deposits. Nevada Security Bank’s $342 million in loans are subject to a loss-sharing agreement with the FDIC.

Umpqua Bank said it expects the acquisition to be immediately accretive to operating earnings per share. The transaction will increase Umpqua’s assets to around $11 billion and deposits to around $8.6 billion, based on Umpqua’s stated balances as of March 31.

The acquisition follows a decision by the Nevada Financial Institutions Division to close Nevada Security Bank and have the FDIC accept receivership.

Umpqua Bank participated in a competitive bid process with the FDIC. The accepted bid included no deposit premium and a discount bid of 4.9 percent on assets acquired.

Starting June 21, all five of Nevada Security Bank’s locations, including its Silverado Bank division in Roseville, California, will open as Umpqua Bank stores. The transaction increases Umpqua’s network to 181 store locations throughout Northern Nevada, Northern California, Oregon and Washington.

Oregon-based Umpqua Holdings is the parent company of Umpqua Bank, a community bank with 181 locations between San Francisco, California and Seattle, Washington, along the Oregon and Northern California coast, Central Oregon and Northern Nevada.

Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua's Private Bank Division serves high net worth individuals and non-profits providing customized financial solutions and offerings.

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