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Umpqua To Buy Regional Bank Sterling Financial For $2 Billion

Umpqua Holdings Corp. (NASDAQ: UMPQ) has agreed to acquire regional bank Sterling Financial Corp. (NASDAQ: STSA) in a cash-and-stock deal valued at $2 billion. The announcement was made after the market close on Wednesday. Under the merger agreement, shareholders of Sterling Financial will receive 1.671 share and $2.18 in cash for each common share held. This translates to about $30.52. Sterling Financial closed at $16.96 on Wednesday. After the merger, combined assets will worth $22 billion. Besides, Umpqua will have $16 billion in deposits and $15 billion in loans.


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