Umpqua Holdings Corp has agreed to purchase private-equity backed Sterling Financial Corp in a $2 billion cash-and-stock deal, the companies said on Wednesday. Sterling shareholders will receive 1.671 shares of Umpqua and $2.18 in cash for each share of Sterling common stock they hold. That equates to roughly $30.52 in value based on Umpqua's closing price of $16.96 on Wednesday.The transaction will create a bank with $22 billion in assets, $15 billion in loans and $16 billion in deposits, the companies said.The combined company will operate under the Umpqua brand and continue to be led by Umpqua President and Chief Executive Ray Davis. Sterling president and CEO Greg Seibly will join Umpqua Bank as co-president, with Umpqua Bank co-president Cort O'Haver serving in the same capacity.Spokane, Washington-based Sterling Financial is backed by Warburg Pincus LLC and Thomas H Lee Partners LP, which each own about 21 percent of the lender, according to Thomson Reuters data.
Sterling Financial Corporation (Sterling) is a bank holding company for Sterling Savings Bank. Shares of STSA fell by 2.17% or $-0.59/share to $26.55. In the past year, the shares have traded as low as $19.56 and as high as $29.76. On average, 210458 shares of STSA exchange hands on a given day and today's volume is recorded at 398605.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 1.02% or $0.35/share to $34.79. In the past year, the shares have traded as low as $26.71 and as high as $36.04. On average, 856847 shares of TRI exchange hands on a given day and today's volume is recorded at 683754.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.7% or $0.25/share to $35.85. In the past year, the shares have traded as low as $26.65 and as high as $36.98. On average, 0 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 563892.
Umpqua Holdings Corporation (Umpqua) is a financial holding company. Shares of UMPQ fell by 1.34% or $-0.23/share to $16.96. In the past year, the shares have traded as low as $11.17 and as high as $17.48. On average, 726612 shares of UMPQ exchange hands on a given day and today's volume is recorded at 774785.
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