Umpqua Holdings buying North Bay Bancorp |
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Published
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Thu, 18 Jan 2007 14:45
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PORTLAND, Ore. (AFX) - Umpqua Holdings Corp., parent of Umpqua Bank and retail broker Strand, Atkinson, Williams & York Inc., said Thursday it is buying North Bay Bancorp in a stock deal worth some $156 million.The transaction, which includes North Bay's Vintage Bank and Solano Bank units, will give North Bay shareholders 1.217 shares of Umpqua stock for each North Bay share that they own. Approximately 5.1 million Umpqua shares are expected to be issued in the acquisition.Umpqua President and Chief Executive Ray Davis said the deal, which expands the company's California presence, entails branches of Vintage Bank and Solano Bank using the Umpqua Bank name.Davis will remain as president and chief executive of Umpqua Holdings, while Bill Fike stays on as president of Umpqua California. Fike will also oversee the acquisition's closing.Umpqua said the deal will not affect its operating earnings per share this year and increase operating earnings next year.The acquisition is expected to close in the second quarter, subject to regulatory approval, approval by North Bay shareholders and other customary closing conditions.The combined company will have assets of about $8 billion and deposits of about $6.1 billion.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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