Umpqua, Sterling banks get merger OK

  • Tue Apr 1st, 2014 4:10pm

Herald staff

Umpqua Bank and Sterling Financial Corp. announced Tuesday that they received the regulatory OK for their planned merger.

The combined company will operate under the Umpqua Bank name and will have $22 billion in assets and nearly 400 stores across five states. It will be the largest community bank on the West Coast.

The merger was first announced Sept. 11. It is expected to be finalized April 18.

Umpqua is based in Portland, Ore., while Sterling Financial is based in Spokane.

There are two Sterling Financial banks in Snohomish County and one Umpqua bank. The signs will be changed after the merger is finalized.