By Jim Davis Herald Business Journal
LYNNWOOD — Umpqua Bank will consolidate two branches in Lynnwood after the merger earlier this year with Sterling Financial Corp.
It’s part of a plan announced this week to consolidate 27 locations company-wide in the wake of the deal.
In December, Umpqua will close its branch at 19009 33rd Ave. W, Suite 200, and transfer all operations to the former Sterling location at 19230 Alderwood Mall Parkway No. 110.
The bank considered a number of factors when deciding which branches to close including convenience for customers, its overall delivery network and proximity to other locations.
“It’s important to note that the average distance between consolidating locations is 1.1 miles,” an Umpqua Bank spokesperson said in an email.
The branches in Lynnwood are even closer at less than a mile apart.
As for the affected employees, Umpqua has more than 250 open positions and will try to find jobs for its workers in neighboring stores or elsewhere within the company, the spokesperson said.
Umpqua Bank has also opened four career centers — in Portland, Seattle, Spokane and Roseburg, Oregon — and developed digital tools to help their workers find opportunities at Umpqua or elsewhere.
Store consolidations will begin in September and continue through the end of this year. Umpqua has notified all affected customers and plans to automatically transfer customer accounts to the most convenient branch.
Umpqua, headquartered in Roseburg, merged with Spokane’s Sterling Bank in April. With $22 billion in assets and nearly 400 stores across five states, it became the largest community bank on the West Coast.
Umpqua currently has three locations in Snohomish County, including these two in Lynnwood and another in Mountlake Terrace.