Umpqua Bank Announces Pandemic Relief and Support Initiatives
PORTLAND, Oregon – March 25, 2020 – Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), today announced a package of relief and support to help ease the financial burden of COVID-19’s impact on customers, associates, and communities.
“As the economic impact from the coronavirus continues to grow, we want all those we serve to know that Umpqua is here to help,” said Cort O’Haver, Umpqua Bank president & CEO. “In addition to taking action to provide immediate financial relief for customers, we’re expanding investments in our associates—particularly those on the frontlines of service—and our nonprofit partners working so hard to help our customers and communities get through this difficult time.”
For consumer customers experiencing financial hardship as a result of COVID-19, Umpqua is deferring loan payments upon request and waiving all fees associated with deferred payments on existing loans and lines of credit for up to 90 days. The bank is also waiving ATM fees for all customers.
Small Business Relief
Umpqua small business customers impacted by COVID-19 can defer loan payments for up to 90 days and have the related deferral fees waived on deferred loans and lines of credit. The bank is also an active participant in numerous Small Business Administration programs, which offer additional avenues of assistance for small businesses.
For all associates, Umpqua has established a pandemic pay bank, providing additional paid time-off for COVID-19-related exposure or sickness, caring for an impacted loved one, as well as for childcare. The company has also implemented a Retail Frontline Pay program to recognize the dedication of associates who are continuing to deliver in-store customer service during this time.
Umpqua has pledged $1 million in support through a combination of donations to nonprofits focused on alleviating the financial hardships of families and small businesses impacted by COVID-19 and capital investments in organizations that provide micro loans and capital to small businesses. In addition, Umpqua is providing a 3:1 match of all associate donations to community partners and activating its innovative Virtual Volunteer program, which allows the company’s associates to continue serving nonprofit organizations and practice safe social distancing.
According to O’Haver, “This combination of support provides immediate relief. But we recognize that the impacts of this crisis will be with us for some time, and we’ll continue to monitor the financial impact on the ground in the coming weeks and months. Above all, we want our associates, customers, and communities to know that we are with them and for them as we all face this challenge together.”
About Umpqua Bank & Umpqua Investments
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the twelfth consecutive year. In addition to its retail banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to small businesses. A subsidiary of Umpqua Holdings Corporation, Umpqua Investments, Inc., provides retail brokerage and investment advisory services in offices throughout Washington, Oregon, California and Nevada. Umpqua's Wealth Management Division serves high net worth individuals and nonprofits by providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore.