Thursday, January 18, 2007

Umpqua moves into Solano County & wine country with North Bay Bancorp acquisition

East Bay Business Times - January 18, 2007

In a move to expand its presence in California, Umpqua Holdings Corp., the Portland, Ore.-based parent of Umpqua Bank, acquired Napa-based North Bay Bancorp in a stock swap valued at about $156 million.

North Bay Bancorp (NASDAQ: NBAN) is the parent of The Vintage Bank, a $649-million-asset institution with six branches in Napa County and four branches in Solano County that operate under the Solano Bank moniker. The deal marks Umpqua's (UMPQ) first acquisition in the Bay Area.

Umpqua, which held total assets of $7.2 billion as of September, has 134 branches in California, Oregon and Washington. Umpqua's 60-plus California branches stretch from the greater Sacramento Area to the San Joaquin Valley.

The terms of the deal call for North Bay Bancorp shareholders to receive 1.217 shares of Umpqua common stock for each share of North Bay Bancorp common stock. The banks expect to close the acquisition, integrate operations, and reflag North Bay's branches to the Umpqua name in the second quarter.

Umpqua said it expects the acquisition to be neutral to operating earnings per share in 2007 and accretive in 2008. Ray Davis, president and CEO of Umpqua Holdings, will lead the combined company. Bill Fike, president of Umpqua California, will continue in that role and will oversee the transition. Terry Robinson, president and CEO of North Bay Bancorp, will work with Fike throughout the transition period.

Mikestone Advisors served as financial advisor to Umpqua, and Howe, Barnes Hoefer & Arnett advised North Bay Bancorp.

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