Oregon-based Umpqua Holdings Corp. and Sterling Financial Corp. of Spokane on Tuesday announced that all regulatory approvals for their proposed merger, announced last September, have been received.
This follows the approvals by Umpqua and Sterling shareholders, which were announced in February.
Subject to customary closing conditions, banking officials expect the merger will be completed at the close of business on Friday, April 18. The combined companies will operate as Umpqua Holdings Corporation, with banking operations conducted under the Umpqua Bank brand.
Umpqua signs will begin to replace Sterling signage on April 19, according to Sterling spokeswoman Cara Coon in Spokane.
Managers for the combined operation have not decided if there will be branch consolidations, or where those consolidations might be made, said Umpqua spokeswoman Eve Callahan on Tuesday
“Everybody’s so eager to know that,” she said. “At this point we haven’t made any decisions. That work will be happening in the next several months.”
Callahan went on to say that bank clients of either company will not see any immediate changes to their accounts.
“They will get an expanded store network, more access to banking services,” Callahan said. “We won’t be converting systems for a number of months. We will let customers know well in advance of any changes.”