Rainier Pacific Bank Acquired By Umpqua Bank

Portland-based Umpqua Bank has acquired its second Washington state bank: Rainier Pacific Bank of Tacoma.

Umpqua Bank acquired Seattle-based EvergreenBank on Jan. 22.

"Former Rainier Pacific Bank customers will be able to bank as usual during regular business hours. Their deposits are safe, accessible and remain FDIC insured to the maximum provided by law. We anticipate a smooth transition, and are pleased to expand our presence in the Puget Sound marketplace and extend our long term vision for growth in this area," said Ray Davis, chief executive officer of Umpqua Holdings Corporation.

Customers of Rainier Pacific Bank are now customers of Umpqua Bank and deposits will continue to be insured by the FDIC up to the maximum permitted by law.

Umpqua Bank is working closely with former Rainier Pacific Bank employees to ensure that customers will be able to conduct business as usual, with full access to deposits, loans, ATM/Debit cards, online banking, automatic bill pay service and other electronic banking services. Checks drawn on Rainier Pacific Bank will continue to be processed. Loan customers should continue to make their payments as they normally would.

Umpqua Bank expects to convert Rainier Pacific Bank's consumer banking, home lending, small business, investment and insurance services to the Umpqua Bank brand over the next several months.

Umpqua Bank and Rainier Pacific Bank customers will be able to access the combined network of 194 ATMs without fees within two weeks.

For additional information, customers can also visit www.umpquabank.com or call the Umpqua Bank customer care team at 866-486-7782.