Leaving LIBOR


Information on the global, industry-wide transition away from LIBOR

If you are an affected customer, you will receive an advance notice letter by mail, as well as a formal notice immediately preceding the index rate change.

For decades the London Interbank Offered Rate (LIBOR) was one of the world’s most widely used benchmark rates. The Alternative Reference Rates Committee (ARRC) — a group of private-market participants convened by the Federal Reserve Board and the New York Fed to help ensure a successful transition from U.S. dollar (USD) LIBOR to a more robust reference rate — recommended the Secured Overnight Financing Rate (SOFR) as the LIBOR replacement.

Key Takeaways

  • Umpqua Bank is working within regulatory guidance and industry best practices on the mandated transition away from LIBOR.

  • We are proactively notifying affected customers with two notices: an advance notice, and a formal notice immediately prior to transition.

  • We are providing access to information and resources through this web page (umpquabank.com/libor) and by emailing questions to LIBOR@UmpquaBank.com

How this will impact our customers

The global transition away from LIBOR continues, and we are dedicated to being a source of support and information to our customers throughout the process. If you have an existing loan tied to LIBOR, you will receive two notices, including a formal notice immediately prior to the index rate change, that will indicate specifics related to the replacement index and timing of the transition. Umpqua Bank is prepared to guide you through this process. We have developed the necessary bank processes, tools and expertise to support this effort, and our priority is to help you understand the transition, the new index rates and how the transition will impact you

Our LIBOR transition priorities include:

  • Planning and Preparation to support a positive customer experience

    The LIBOR Transition Office, formed in 2019, established an enterprise-wide transition team to coordinate this. With oversight from bank executives and participation by business banking leaders, this team is actively monitoring the LIBOR process for industry and regulatory developments, while providing enhanced training to the associates managing your loans.

  • Simplified and Streamlined processes

    Our goal is to minimize the impact to our customers. We have implemented new tools and technology to support this effort, thereby streamlining our processes.
    We have already completed an amendment process for an efficient and smooth transition to a replacement index.

  • Transparency every step of the way

    Supported by regulatory guidance, and industry best practices, we will continue to provide industry updates and links to emerging information. Our robust communications plan is focused on keeping you informed as the process unfolds.

    Do not hesitate to reach out if you have questions: 

The LIBOR cessation schedule

On March 5, 2021, the Financial Conduct Authority (FCA), the regulator that oversees LIBOR, announced that the publication of LIBOR settings will cease as follows:

On December 31, 2021
All GBP, EUR, CHF and JPY LIBOR settings
1-week and 2-month USD LIBOR settings

On June 30, 2023
Overnight, 1-month, 3-month, 6-month and 12-month USD LIBOR settings

SOFR is the industry-recommended replacement for LIBOR

In 2014, the Federal Reserve organized the Alternative Reference Rates Committee (ARRC) to facilitate a smooth transition from LIBOR. The ARRC has recommended the use of the Secured Overnight Financing Rate (SOFR) as the replacement for LIBOR.

SOFR is a broad measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities in the repurchase agreement market. Published each business day, SOFR is produced by the Federal Reserve Bank of New York, in cooperation with the Office of Financial Research. Detailed information about SOFR can be found in this ARRC publication: An Updated User’s Guide to SOFR.

Umpqua Bank and SOFR

Umpqua Bank will transition existing LIBOR-based loans to SOFR. If you have an existing LIBOR-based loan you will receive two notices, including a formal notice immediately preceding the index rate change.

LIBOR transition resources

The Alternative Reference Rates Committee (ARRC)


Find current industry news on the LIBOR transition and SOFR

Federal Reserve Bank of New York



Find SOFR rate data





Find information on the LIBOR transition for swaps and derivatives

Have more questions?


If you have more questions or need additional information, please send us an email at LIBOR@UmpquaBank.com.