Sterling Bank to merge with Umpqua Bank

SPOKANE - Sterling Bank branches, four of which are in Grant and Adams counties, are expected to be replaced by Oregon-based Umpqua Bank sometime next year.

Officials at Sterling Financial Corp., based in Spokane, announced earlier this week they will merge with Umpqua Holdings Corp., based in Portland, Ore.

Once the deal closes, Sterling will operate under the Umpqua Bank name and brand, Sterling spokesperson Cara Coon said Thursday.

"After the closing we will become Umpqua," Coon said.

The $2 billion deal is expected to close, pending regulatory approval, in the first half of 2014, she said.

Sterling's Basin branches include Moses Lake, Coulee City, Othello and Ritzville, according to the bank's website.

The merger will result in the West Coast's largest community bank, according to a Sterling statement. The combined organization will have approximately $22 billion in assets, $15 billion in loans and $16 billion in deposits.

In addition, the newly structured bank will have 5,000 associates and 394 stores throughout Washington, Oregon, Idaho, California and Nevada, according to information from Sterling.

The deal's effect on current Sterling jobs is still unknown, Coon said.

"It will be worked out before the close, in the next six to seven months," she said.

For customers, it's business as usual until the deal closes, Coon said.

"There are several months before this will be official and a closed deal, so it does not impact customers at this time," she said.

But the bank will keep customers informed about changes as the deal progresses.

"Umpqua has done acquisitions, Sterling has done acquisitions and we know that keeping customers informed about changes to their accounts is of the upmost importance," she said. "We will definitely keep customers in mind and well informed throughout the acquisition."