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June 23, 2009
Dear customers, friends and neighbors,
For the past few months, I've been on the road meeting with customers, community members and business leaders. We've discussed the current economy and the shared hope that we'll soon see improvement. As one gentleman told me, "I needed to hear that there actually is some positive news." Fortunately, some bright spots are emerging:
At Umpqua
- Loan production remains strong.
- The company is capital rich and our liquidity is strong.
- Announced launch of International Banking division.
- Opened our 151st store in Vancouver, WA.
Nationally
- Many markets are realizing an increase in home sales.
- Unemployment claims are slowing.
- Credit and capital markets are opening up.
- The financial industry is showing signs of stabilization.
I believe this country is at a tipping point. As encouraging recovery numbers emerge, consumer confidence will increase, and we'll likely recover faster than anticipated. I am convinced that our community's innovation and resilience will lead the way in forging a stronger, healthier economy.
Sincerely,
Ray Davis
CEO Umpqua Bank
talktoray@umpquabank.com
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