Wachtell Leads Umpqua's $2B Sterling Buy From PE Firms

Law360, New York (September 12, 2013, 1:39 PM EDT) -- Oregon-based Umpqua Holdings Corp. has scooped up Sterling Financial Corp. from two private equity firms in a deal valued at $2 billion, merging with the Washington banking company to create what the companies said on Wednesday will be the West Coast's largest community bank.

Together, the companies, which are both parents to banks on the West Coast, will pool $22 billion in assets, $15 billion in loans and $16 billion in deposits, as well as 394 locations in Oregon, Washington, Idaho, California and Nevada.

Under the...
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