PORTLAND, Ore.--(BUSINESS WIRE)--Umpqua Holdings Corporation (NASDAQ:UMPQ), the parent company of Umpqua Bank, has formed a new subsidiary, Pivotus Ventures, Inc., focused on disrupting and advancing bank innovation. Pivotus will be headquartered in California’s Silicon Valley.
Pivotus is using a unique collaborative model to bring together global leaders inside and outside the financial services industry to advance bank innovation in new ways. Collaborating companies will bring unique capabilities across a variety of industries, including financial services, data analytics and user design, with Umpqua Bank serving as a real-time test environment to determine quickly the strength and scalability of new platforms.
“Like all industries, banking must evolve quickly to adapt to changing consumer behaviors and technologies. In collaboration with like-minded organizations, Pivotus will be focused on creating new digital models that accelerate growth, add accretive revenue and enhance the customer experience across all channels,” said Ray Davis, president and CEO of Umpqua Holdings Corporation. “By bringing together the expertise of companies nationally and internationally, Pivotus will be uniquely positioned to develop and scale industry-changing innovation quickly and effectively.”
Pivotus will use small cross-functional teams with a startup dynamic to validate, develop, and test new bank platforms that could have a significant impact on the experience and economics of banking. The company’s collaborative model will enhance its ability to imagine and develop disruptive technologies, test them with a broad range of customers, and deliver them at scale.
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, Ore. For more information, visit www.umpquaholdingscorp.com.
This press release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are subject to risk and uncertainty and actual results could differ materially due to various risk factors. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. In this press release we make forward-looking statements about the development of new bank platforms, the impact of our development activity and our collaborative model. Risks that could cause results to differ from forward-looking statements include, without limitation, our ability to develop collaboration partners and our ability to successfully develop and market products or technology.