Whether you’re sitting in a neighborhood coffee shop or at the headquarters of a
national corporation, conversation likely remains focused on the current recession.
Fortunately, we’ve learned that perhaps better days are drawing nearer—home prices
in many markets have begun to stabilize and consumer confidence shows signs of improving.
Here at Umpqua, we’re gearing up for those better days. Over the past couple of
months, we opened
Umpqua Private Bank, launched an international
banking division and added lending teams in San Francisco, Seattle and Portland.
We’ve also continued to invest in our communities through our
Connect Volunteer Program, with
1,239 of our associates contributing 22,935 hours to date in 2009. That’s the equivalent
of one person working eleven years on behalf the community.
In addition, we completed a $259 million secondary capital offering in August. Umpqua
is recognized by financial analysts and regulators as a well capitalized institution.
The new capital better positions us to take advantage of smart business opportunities
that might come our way. It also greatly enhances our ability to repay our TARP
investment, once the national economy demonstrates sustainable stability.
As we wrap up 2009 and look to the year ahead, I encourage you all to remain committed
to the spirit of recovery. Look down the road and take action that positions you
for the future. And if you have any thoughts to share, please email me at talktoray@umpquabank.com.
Ray Davis
President and CEO
Umpqua Bank