After closing the merger, which will boost Umpqua’s California presence into the Central Coast region, all American Perspective Bank branches will operate under the Umpqua Bank name, said the bank.
Umpqua Bank president and CEO Ray Davis said like Umpqua, American Perspective Bank’s commitment to their customers and community is an essential part of its success and culture, and the bank is pleased to unite two organizations to provide expanded financial resources and community engagement.
"This merger provides us with the opportunity to expand our presence in California in partnership with a terrific organization and we look forward to becoming an integral part of the Central Coast community," Davis added.
The deal is believed to close by June this year after getting approval by the shareholders of American Perspective Bank and concerned regulatory bodies.
According to the acquirer, the integrated organization will have assets of nearly $11.8bn.
Umpqua Holdings received legal advice from Lane Powell PC, while Horgan, Rosen, Beckham & Coren served in the same capacity for American Perspective Bank.
