Umpqua Bank Targets Arizona for Expansion with the Opening of Three New Branches

Rhea-AI Summary

Umpqua Bank, a subsidiary of Columbia Banking System, Inc. (Nasdaq: COLB), has announced its expansion in Arizona with two new branch openings in Phoenix and Scottsdale, and a third location planned in Mesa for early 2025. This move follows the bank's successful launch of middle market banking in Arizona in 2021 and recent retail banking expansion in Utah. The expansion aligns with Umpqua's strategy to grow in markets with strong potential and become the West's premier bank of choice.

The Phoenix branch, opened in June, is led by Melinda Santacruz, while the Scottsdale branch, opened in August, is managed by Britne Corkill. Both locations operate Monday through Friday, 9 am to 5 pm. As part of its community involvement, the Umpqua Bank Charitable Foundation has contributed $60,000 to six local nonprofit partners in Arizona.

Positive

• Expansion into Arizona market with two new branches and a third planned
• Alignment with long-term strategy to grow in markets with strong potential
• Diversification into Arizona's growing industries including semiconductors, alternative energy, and AI
• Community involvement through $60,000 donation to local nonprofits

Negative

• None.

News Market Reaction

+1.41%

1 alert

+1.41% News Effect

On the day this news was published, COLB gained 1.41%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Bank's move in Arizona follows recent retail banking expansion in Utah; underscores commitment to becoming the West's premier bank of choice

LAKE OSWEGO, Ore., Sept. 18, 2024 /PRNewswire/ -- Umpqua Bank, a subsidiary of Columbia Banking System, Inc. (Nasdaq: COLB), today announced its continued expansion across the West with two new branch openings in Phoenix and Scottsdale, and a third Arizona location in Mesa planned for later this year. Expansion of the bank's retail network into Arizona follows the successful launch of its middle market banking presence in 2021.

"Arizona is a priority market for Umpqua Bank. The region's dynamic business community aligns with our long-term strategy of expanding in markets that demonstrate strong growth potential and further our commitment to being the West's premier bank of choice," said Umpqua Bank CEO Clint Stein. "Since entering Arizona in 2021, we have invested in the growth of our local teams to support the needs of our business customers, and we expect these new branches to accelerate our presence throughout the state." 

Arizona boasts a diverse economy that includes a range of industries, including the rapidly expanding semiconductor sector, as well as leisure and hospitality, alternative energy, healthcare, warehouse distribution centers and data centers — an anchor for the nascent generative AI industry.

"We are excited to be part of the Phoenix and Scottsdale communities and look forward to expanding our footprint throughout Arizona with a new branch in Mesa, slated for early 2025, and additional branches under consideration," said Chris Merrywell, Consumer Bank President at Umpqua Bank. "With these markets poised for growth, we've assembled a top-tier team of professionals ready to meet the personal and business banking needs of the region."

Phoenix Branch
Umpqua Bank opened its first retail branch in Phoenix in June located at 10201 S. 51^st St in 10 Corporate Center. The 2,800 square foot branch is led by Melinda Santacruz, who brings more than 20 years of banking experience to the role and supports the local community through a wide range of volunteer work with organizations such as United Food Bank and the Phoenix Children's Hospital Give-a-Thon. The branch is open from 9 am to 5 pm, Monday through Friday.

Scottsdale Branch
In August, Umpqua Bank opened a retail branch in Scottsdale at Gainey Center II, 8501 N. Scottsdale Road. The branch is 4,000 square feet and managed by Britne Corkill. With more than 25 years of banking experience, Britne is also an active volunteer at several local community organizations, including Ronald McDonald House and St. Mary's Food Bank. The branch is open Monday through Friday, 9 am to 5 pm.

Community Involvement
Umpqua Bank plays an active role in the communities in which it operates. As part of the bank's retail expansion in Arizona, the Umpqua Bank Charitable Foundation recently contributed a combined $60,000 to six new, local nonprofit partners:

• Arizona Foundation for Legal Services & Education
• Friends of the Children Phoenix
• HonorHealth Foundation
• One-n-Ten (1N10)
• Tempe Community Action Agency
• UMOM New Day Centers

Learn more about Umpqua Bank's growing Arizona presence at www.umpquabank.com/locations/arizona/.

About Umpqua Bank 
Umpqua Bank is a subsidiary of Columbia Banking System, Inc. (Nasdaq: COLB), and a premier regional bank in the western U.S., with offices in Oregon, Washington, California, Idaho, Nevada, Utah, Arizona and Colorado. With over $50 billion of assets, Umpqua Bank combines the resources, sophistication and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking; Small Business Administration lending; institutional and corporate banking; equipment leasing; and wealth management. The bank's corporate headquarters are located in Lake Oswego, Oregon. Learn more at: www.umpquabank.com.

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SOURCE Umpqua Bank

FAQ

Where has Umpqua Bank (COLB) opened new branches in Arizona?

Umpqua Bank has opened new branches in Phoenix and Scottsdale, Arizona, with a third location planned in Mesa for early 2025.

What is the significance of Umpqua Bank's (COLB) expansion into Arizona?

The expansion into Arizona aligns with Umpqua Bank's long-term strategy to grow in markets with strong potential and become the West's premier bank of choice.

How much has Umpqua Bank (COLB) donated to local nonprofits in Arizona?

The Umpqua Bank Charitable Foundation has contributed a combined $60,000 to six new, local nonprofit partners in Arizona.

When did Umpqua Bank (COLB) first enter the Arizona market?

Umpqua Bank first entered the Arizona market in 2021 with the launch of its middle market banking presence.