As you all well know, the past couple of years have dramatically impacted banks of all sizes. I'm pleased to announce that despite the times, our market share in Oregon has increased by nearly 11 percent since last year, overtaking JPMorgan Chase for the fourth spot.
We're certainly proud of the accomplishment (we're always up for a little friendly competition). But more noteworthy is that as our market share has grown so, too, has our role as a leading community steward. We remain true to who we are. To quote a recent Portland Business Journal editorial, "With its unique culture and brand, Umpqua is a quintessential Oregon company: Quirky, different, opportunistic." (See the entire editorial below.)
We recently opened stores in the Sellwood and Alberta districts and at least five more are slated for Portland neighborhoods in the next year. We're also aiming to establish a more impactful presence in Washington and California; plans for 15 to 20 locations in the next 18 months are in the works.
This growth demonstrates our focused commitment to genuine customer service in stores across our footprint. As we look toward the future, we'll continue to be a strong resource for our customers as well as an important asset in the growth of our region's economy. Please join me in congratulating Umpqua's team members for this significant accomplishment.
CEO Umpqua Bank
"Growing Umpqua a bright spot"
Portland Business Journal
Friday, Oct. 15, 2010
In this era of consolidation and layoffs, homegrown Umpqua Bank is a bright Oregon star.
As staff writer Andy Giegerich reports in his story on Page 3, the bank is now Oregon's fourth-largest, leapfrogging Chase to move up on the Federal Deposit Insurance Corp.'s annual list of largest banks.
Umpqua trails only national, federally chartered institutions U.S. Bank, Bank of America and Wells Fargo in market share of deposits.
Though Umpqua still has only about half the market share of No. 3 Wells Fargo, the Portland-based financial institution is far and away the largest state-chartered bank in the top 10.
The next closest is beleaguered Bank of the Cascades, a much smaller institution that is still digging itself out of trouble after its parent company suffered two devastating years in which its combined losses neared $250 million.
Growing Umpqua now has 181 locations throughout Nevada, California, Oregon and Washington. More than 100 of those are in Oregon. Its assets are now approximately $11 billion, or 77 times what they were when Ray Davis took over as CEO in 1994.
Sure, Umpqua seems over-exposed. It employs a public relations firm and an aggressive internal marketing department. The bank understands the value of media coverage and actively seeks it out.
The attention, though, is well-deserved. The bank has successfully negotiated forays into Washington state, California and, most recently, Nevada, thanks to its June acquisition of failed Nevada Security Bank.
With its unique culture and brand, Umpqua is a quintessential Oregon company: Quirky, different, opportunistic. It brings attention to Oregon for all the right reasons.
It merits a big public pat on the back for standing out as a local success story in an economy that has recently had little to celebrate.