Latest news with #UmpquaBank
Yahoo
20-05-2025
- Yahoo
Auburn, WA police seek help identifying bank robber
The Brief Auburn Police are seeking help to identify a man who robbed an Umpqua Bank on May 13. The suspect, a white man in his 70s with a hunch, showed a pistol to the teller. Information can be reported to the Auburn PD Tip Line at 253-288-7403. AUBURN, Wash. - The Auburn Police Department is seeking the public's help to identify a man who robbed a bank last week. The backstory According to police, the suspect robbed an Umpqua Bank on A Street Southeast and Ellingson Road at around 12:06 p.m. on May 13. The man entered the bank, showed a pistol to the bank teller, and proceeded to rob the bank. He arrived and left the scene on foot. The suspect is described as a white man in his 70s with a noticeable hunch in his upper back. Anyone who recognizes the suspect or has information about his identity is asked to contact the Auburn PD Tip Line at 253-288-7403. The Source Information in this story came from a Facebook post by the Auburn Police Department. Palm Springs bombing suspect cited Fox Island, WA killing in manifesto, FBI says 2 Alaska Airlines planes clip wings at Sea-Tac Airport Burien police: Gang member detained with ghost gun New safety regulations for late-night lounges in Seattle go into effect Olympic National Park among most in-demand National Parks this summer Motorcycle theft suspect shot, killed by police in Whatcom County, WA Joe Biden diagnosed with 'aggressive form' of prostate cancer To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter. Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national news.
Yahoo
16-05-2025
- Business
- Yahoo
Columbia Banking System Announces $0.36 Per Common Share Dividend
TACOMA, Wash., May 16, 2025 /PRNewswire/ -- Columbia Banking System, Inc. ("Columbia" Nasdaq: COLB), parent company of Umpqua Bank, today announced its Board of Directors has approved a quarterly cash dividend in the amount of $0.36 per common share, payable June 16, 2025, to shareholders of record as of May 30, 2025. About ColumbiaColumbia (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Umpqua Bank, an award-winning western U.S. regional bank based in Lake Oswego, Oregon. Umpqua Bank is the largest bank headquartered in the Northwest and one of the largest banks headquartered in the West with locations in Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, and Washington. With over $50 billion of assets, Umpqua Bank combines the resources, sophistication and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking; Small Business Administration lending; institutional and corporate banking; and equipment leasing. Umpqua Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Advisors and Columbia Trust Company, a division of Umpqua Bank. Learn more at Note Regarding Forward Looking StatementsThis news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate," "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its Form 10-K for the Fiscal Year ended December 31, 2024, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management. View original content to download multimedia: SOURCE Columbia Banking System, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
One in three distressed borrowers handing back buildings, experts say
More and more borrowers are handing over the keys to their distressed buildings, according to panelists at the IMN Distressed CRE West Forum in San Francisco this week, leaving their lenders with no court fight to foreclose but often a 'pretty messy' clean up job filled with potential pitfalls and liabilities. About one-third of distressed borrowers recently have been offering a deed-in-lieu of foreclosure to their lenders, according to Dan Duarte, director of the special assets department at Chico-based Tri-Counties Bank, who moderated a panel on 'Forced Owner Exit Strategies.' Duarte said it had been years since he had seen this many borrowers ready to walk, oftentimes leaving the bank with not just the building, but also past due taxes. 'The borrower is actually coming to the bank and saying, 'Look, will you accept a deed-in-lieu? We're done. We don't want to go through the foreclosure process. We don't want to take on default interest rates. We just want to hand it back to you,'' he said. But banks do not want to own more buildings, especially where the value of the property becomes significantly lower than the debt. So while there is some simplicity to deed-in-lieu agreements, 'we spend a lot of time trying to avoid that,' said Seth Moldoff, director of special assets for Umpqua Bank. 'The offer of the deed-in-lieu is interesting, but it's usually not going to work out well from the bank's perspective,' he said. Moldoff added that sometimes his frontline bankers will try to put a property that's up to date on payments into the workout group just because they are a few years behind on property taxes. But in the current environment, that's not enough to make the grade, he said. 'I understand the concern, but we've got to focus on the companies that aren't making the payments to the bank, and we'll deal with the property taxes at the end of the day,' he said. Taxes and other liabilities, like payouts to vendors that lag the deed-in-lieu, can make them 'pretty messy,' said Sandra Adam, director of financial diligence and forensic analysis at SitusAMC, even if there's a creative solution where a loan sale occurs before the foreclosure. 'Working out who gets what and when could take months,' she said. 'There's multiple things going on in the background and at the same time the vendors need to get paid, so cash needs to be distributed.' Some lenders have also been loath to part with reserves to help pay off debts, even before a loan is in default, and that's a 'big no-no' that could lead to a lender liability suit, according to Thad Wilson, partner at law firm King & Spaulding. 'If you're telling borrowers, you really have got to fund this out of your capital, out of your own pocket, you may think that's a wise decision today, but I can assure you that if the loan goes into default you will regret that decision down the road,' he said. The distress conference was the second for real estate conference company IMN on the West Coast and attracted about 220 ticketholders, many of whom came in from out of town, according to organizers. As such, most panelists spoke to more general market conditions that were not specific to the Bay Area. At the same time, it's 'no coincidence' that the conference was held in San Francisco, also for the second year, according to Heather Turner, CEO and founder of Portland-based Tamarack Capital Partners, a hospitality-focused investment firm. Turner called San Francisco a 'great long-term market' where her company has done over $1.5 billion in hotel deals over the years, but also one with a lot of distress, and therefore a lot of opportunity for buyers with patient money, like family offices. 'When we look at markets like Portland and San Francisco that have had very poor recovery relative to pre-COVID levels. Those are prime buying opportunities for longer duration capital,' she said. 'It's probably early still, in my opinion, in some of these markets for private equity funds who are looking for a three- to five-year flip because there's still a little bit too much uncertainty in order to achieve the types of returns that they're looking for in those time horizons.' Echoing comments made by those in the earlier panel, Turner said her company did a 'very cooperative' deed-in-lieu on a hotel property with a lender because 'we're not going to put good capital after bad and end up with a basis that we're never going to get that new money out of anyway.' That gave Tamarack the ability to deploy those funds into more opportunistic deals instead and left the firm's relationship with the bank 'on equal footing' to where it was before the deed-in-lieu, she said. Relationships and transparency between borrowers and lenders are key when things get tough — a refrain from many panelists throughout the day. For Bay Area investors, the transition from a white-glove local bank like Silicon Valley Bank or First Republic to a big national bank like JPMorgan has been 'one of the most unenjoyable experiences in the history of mankind,' according to Riaz Taplin, founder and CEO of Oakland-based multifamily developer Riaz Capital. 'Making sure that you have a lender that you can talk to if you're in the value-add developer business, as opposed to a lender that will not fundamentally talk to you is the biggest decision to make at the front end,' he said. 'Will I ever need to talk to this person? If the answer is yes, make sure that your relationship with them is as important to them as it is to you.' Tech industry homebuyers seek bank for discount mortgages, warm cookies Goldman Sachs and Ballast hand 82 SF apartment buildings to lender Bay Area office woes continue with Emeryville sale at 80% discount This article originally appeared on The Real Deal. Click here to read the full story. 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Los Angeles Times
25-04-2025
- Business
- Los Angeles Times
Pacific Premier Bancorp Acquired by Umpqua Bank in $2 Billion Deal
Columbia Banking System Inc. announced plans to acquire Irvine-based Pacific Premier Bancorp Inc. in a transaction value of approximately $2 billion. Columbia Banking System will merge the bank with its subsidiary Umpqua Bank and plans to rebrand as Columbia Bank later in the year. The transaction is expected to close in the second half of 2025. 'The combination of these two companies operating in growing markets provides a great opportunity for our teams to continue to deliver high-quality, relationship-based banking products, services, and expertise to our clients and to continue to generate long-term value for our stockholders,' said Steve Gardner, chairman, chief executive and president of Pacific Premier Bank, in a statement. The merger valued Pacific Premier at $20.83 per share based on Columbia's closing stock price of $22.77 on April 22. Following the completion of the acquisition, Pacific Premier shareholders will own approximately 30% of Columbia's outstanding shares of common stock. The combined company will have $70 billion in assets and operate 350 branches across the Western United States. Three Pacific Premier directors, including Gardner, will join the Columbia board upon the completion of the transaction. 'It is a natural and strategic fit that strengthens our competitive position in Southern California, enhances our service offerings and elevates our performance,' said Clint Stein, chief executive and president of Columbia, in a statement. Piper Sandler & Co. acted as financial advisor to Columbia. Sullivan & Cromwell LLP acted as legal advisor to Columbia. Pacific Premier Bancorp was advised by Keefe, Bruyette & Woods Inc. as financial advisor and Holland & Knight LLP as legal advisor. Information for this article was sourced from Umpqua Bank.
Yahoo
25-04-2025
- Business
- Yahoo
Columbia Bank announces latest acquisition, set to expand California interests
Tacoma-based Columbia Banking System on Wednesday announced the planned acquisition of a California-based bank. Columbia and Irvine, California-based Pacific Premier Bancorp announced entering a definitive merger agreement. Under the terms, Columbia will acquire Pacific Premier in an all-stock transaction. The combined institution will have approximately $70 billion in assets, according to a joint news release. The deal faces regulatory approvals and the approval of Columbia's and Pacific Premier's stockholders. It is anticipated to close in the second half of this year. 'This combination truly establishes the leading banking franchise in the Western region,' said Clint Stein, president, CEO, and director of Columbia, in a statement. 'It is a natural and strategic fit that strengthens our competitive position in Southern California, enhances our service offerings, and elevates our performance.' Pacific Premier chairman, president and CEO Steve Gardner said, 'We have worked tirelessly for more than two decades to build a strong franchise at Pacific Premier. We are thrilled to have the opportunity to join Columbia, a company whose culture, business model, and credit discipline align with our own.' Under the merger's terms, Pacific Premier stockholders would receive 0.9150 of a share of Columbia common stock for each Pacific Premier share they own, according to the release. The merger is valued at approximately $2 billion, or $20.83 per Pacific Premier share, based on Columbia's closing stock price of $22.77 on April 22, the release noted. After closing, Pacific Premier stockholders will own approximately 30% of Columbia's outstanding shares of common stock. Three Pacific Premier directors, including Steve Gardner and two current Pacific Premier directors to be approved by Columbia and Pacific Premier, will join the Columbia board upon merger completion. The agreement announced Wednesday was unanimously approved by the Boards of Directors of Columbia and Pacific Premier. While Pacific Premier customers would gain access to Columbia's Treasury Management products and Wealth Management services, Columbia customers would gain access to Pacific Premier's own specialized products, including Homeowners Association (HOA) Banking and Custodial Trust. Columbia is the parent company of Umpqua Bank. The two announced their own merger in 2021 and completed in 2023. Wednesday's release noted that Umpqua Bank plans to change its name to Columbia Bank later this year, 'to ensure brand clarity as Umpqua Bank deepens its expansion throughout the West and to simplify the bank's family of brands.' This means Columbia branches in the region will be switching back to that name, following previous rebranding as Umpqua. The release also noted that the merger with Premier, 'accelerates Columbia's expansion in Southern California by approximately a decade, moving its deposit market share to a top-10 position.'
