Spring is upon us, and I am looking forward to the possibilities of 2010. However, as you all well know, our national economy is not yet out of the woods.
One of the clearest indicators is the number of banks being closed by the FDIC. This is not something that we like to see happen to our competitors. Staff, customers, vendors and shareholders are all impacted. Fortunately, a number of healthy banks stand ready to support those communities. We are one of those banks.
In 2009, we assumed the operations of The Bank of Clark County (Vancouver, Wash.), and more recently, those of EvergreenBank (Seattle, Wash.) and Rainier Pacific Bank (Tacoma, Wash.). Umpqua now has 176 stores serving communities from Seattle to San Francisco.
The integration of the assumed banks’ operations is going smoothly and we have been impressed with the staff and customers’ patience and grace. We’re proud they’re now part of Umpqua. We’re also proud that in 2009 alone, our associates volunteered more than 30,800 hours through our Connect Volunteer Network. In addition, Forbes magazine listed us as the 19th best bank in the United States.
Like last year, 2010 will present new challenges. We look forward to taking strong steps forward together and preparing for the “upturn”.
President and CEO