Umpqua Bank buys another bank
Published 4:00 am Saturday, February 27, 2010
Umpqua Bank said Friday that it acquired the banking operations of Tacoma, Wash.-based Rainier Pacific Bank in a purchase and assumption agreement with the Federal Deposit Insurance Corp., the second FDIC-assisted transaction for Umpqua Bank this year following its Jan. 22 acquisition of Seattle-based EvergreenBank.
As of Dec. 31, Rainier Pacific Bank had $718 million in assets and $446 million in deposits, including approximately $327 million of core deposits. Friday’s acquisition announcement follows a decision by the Washington Department of Financial Institutions to close Rainier Pacific Bank and have the FDIC accept the receivership. Umpqua Bank participated in a competitive bid process with the FDIC.
Trending
Earlier Friday, regulators also shut down Carson River Community Bank in Carson City, Nev. Its deposits will be assumed by Reno, Nev.-based Heritage Bank of Nevada. Friday’s closures were the 21st and 22nd this year of federally insured banks.