Oregon-based Umpqua Bank recently merged with Columbia Bank, and the combined company creates a system of over 300 bank branches in the western U.S.
The deal had been in process for over a year, and took effect March 1.
The footprints of the two banks didn’t overlap much, according to Chris Merrywell, Umpqua’s President of Consumer Banking. He told KLCC the U.S. Department of Justice ruled 10 branches had to be divested, because the bank had too much of the market share in those locations. In Oregon, those were in Newport, Waldport, Tillamook, Manzanita and Ontario.
Those mandated divestitures, however, may not be the only locations with changes in store.
“Down the road there are some other branches that do have overlap," said Merrywell. "All of those branches are within one to two miles of each other, there’s very few that go beyond that in the total scope, and so, all very close in proximity.”
He said employees of the divested branches have all kept positions in banking. And he said customers and employees at locations that may soon close due to their proximity to neighboring locations have been given notice.
Merrywell said around 140 Columbia Bank branches are in the process of being rebranded with the Umpqua logo. He said both companies used the same online banking platform, so customers should have a relatively smooth transition.
Umpqua Bank started in 1953 in Canyonville, near the South Umpqua River.