Umpqua Bank, US retail banking subsidiary of Umpqua holdings, has announced its acquisition of Financial Pacific Holding Corp (FinPac).
The $150m deal transfers FinPac and its subsidiary, Financial Pacific Leasing, from its majority owner, an affiliate of Flexpoint Ford.
FinPac boasts total assets of $279m, which will become a subsidiary of Umpqua Bank.
Cort O’Haver, EVP, commercial banking at Umpqua Bank, said: "Combining FinPac’s talented staff and national reach with Umpqua Bank’s funding will provide valuable diversification and enhance Umpqua’s profitability. The platform is scalable, and is consistent with other key expansion initiatives we’ve completed over the last three years, including our business banking, agriculture lending and home builder lending groups."
CEO of FinPac, Paul Menzel, said of the merge: "We are excited to become a part of Umpqua Bank, which is one of the most respected community banks in the country. We’re confident this transaction will create value for both organizations, and look forward to leveraging our combined strengths for continued growth in the future."
Completion is expected within the next 30 days.