Umpqua Holdings Corporation and Sterling Financial Corporation Receive Regulatory Approvals for Proposed Merger

PORTLAND, Ore. & SPOKANE, Wash.--()--Umpqua Holdings Corporation (NASDAQ: UMPQ) and Sterling Financial Corporation (NASDAQ: STSA) today announced that all regulatory approvals for their proposed merger, announced on September 11, 2013, have been received. This follows the approvals by Umpqua and Sterling shareholders, which were previously announced on February 26, 2014.

Subject to the satisfaction of customary closing conditions, the merger is expected to be completed as of the close of business on Friday, April 18, 2014. The combined companies will operate as Umpqua Holdings Corporation, with banking operations conducted under the Umpqua Bank brand.

About Umpqua Holdings Corporation

Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. Umpqua Bank has 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 Private Bank serves high net worth individuals and non-profits, providing trust and investment services. Umpqua Holdings Corporation is headquartered in Portland, Oregon. For more information, visit www.umpquaholdingscorp.com.

About Sterling Financial Corporation

Sterling Financial Corporation (NASDAQ:STSA) of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a Washington state chartered and federally insured commercial bank. Sterling Savings Bank does business as Sterling Bank in Washington, Oregon and Idaho and as Argent Bank in California, offering banking products and services, mortgage lending, and trust and investment products to individuals, small businesses, corporations and other commercial organizations. As of December 31, 2013, Sterling Financial Corporation had assets of $10.31 billion and operated depository branches in Washington, Oregon, Idaho and California. Visit Sterling Financial Corporation’s website at www.sterlingfinancialcorporation.com.

Cautionary Statement Regarding Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “may”, “can”, “believe”, “expect”, “project”, “intend”, “likely”, “plan”, “seek”, “should”, “would”, “estimate” and similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond Sterling’s and Umpqua’s control. These risks and uncertainties include, but are not limited to, the following: the timing to consummate the proposed merger; and the risk that a condition to closing of the proposed merger may not be satisfied. Sterling and Umpqua undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Umpqua’s and Sterling’s most recent annual and quarterly reports on Forms 10-K and 10-Q and to Sterling’s and Umpqua’s most recent current reports on Form 8-K, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Umpqua or Sterling.

Contacts

Media Contacts
Umpqua Bank
Eve Callahan, 503-727-4188
SVP, Corporate Communications
evecallahan@umpquabank.com
or
Sterling Financial Corporation
Cara Coon, 509-626-5348
VP, Communications and Public Affairs Director
cara.coon@bankwithsterling.com
or
Investor Contacts
Umpqua Bank
Ron Farnsworth, 503-727-4108
EVP/Chief Financial Officer
ronfarnsworth@umpquabank.com
or
Sterling Financial Corporation
Patrick J. Rusnak, 509-227-0961
EVP/Chief Financial Officer
pat.rusnak@bankwithsterling.com

Sharing

Contacts

Media Contacts
Umpqua Bank
Eve Callahan, 503-727-4188
SVP, Corporate Communications
evecallahan@umpquabank.com
or
Sterling Financial Corporation
Cara Coon, 509-626-5348
VP, Communications and Public Affairs Director
cara.coon@bankwithsterling.com
or
Investor Contacts
Umpqua Bank
Ron Farnsworth, 503-727-4108
EVP/Chief Financial Officer
ronfarnsworth@umpquabank.com
or
Sterling Financial Corporation
Patrick J. Rusnak, 509-227-0961
EVP/Chief Financial Officer
pat.rusnak@bankwithsterling.com