Umpqua Holdings Corporation and Sterling Financial Corporation Shareholders Overwhelmingly Approve Merger

  Umpqua Holdings Corporation and Sterling Financial Corporation Shareholders
  Overwhelmingly Approve Merger

Business Wire

PORTLAND, Ore. & SPOKANE, Wash. -- February 26, 2014

Umpqua Holdings Corporation (NASDAQ:UMPQ) and Sterling Financial Corporation
(NASDAQ:STSA) are pleased to announce that their respective shareholders have
voted overwhelmingly to approve the companies’ Agreement and Plan of Merger,
previously announced on September 11, 2013. Umpqua’s shareholders also
approved an amendment to Umpqua’s articles of incorporation, effective at the
closing of the merger, increasing the number of authorized shares of common
stock to 400,000,000.

Completion of the merger, which provides for Sterling to merge into Umpqua, is
expected in the second quarter of 2014, pending regulatory approvals and other
customary closing conditions.

About Umpqua Holdings Corporation

Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua
Bank, an Oregon-based community bank recognized for its entrepreneurial
approach, innovative use of technology, and distinctive banking solutions.
Umpqua Bank has locations between San Francisco, California, and Seattle,
Washington, along the Oregon and Northern California Coast, Central Oregon and
Northern Nevada. Umpqua Holdings also owns a retail brokerage subsidiary,
Umpqua Investments, Inc., which has locations in Umpqua Bank stores and in
dedicated offices in Oregon. Umpqua Private Bank serves high net worth
individualsand non-profits,providing trust and investment services. Umpqua
Holdings Corporation is headquartered in Portland, Oregon. For more
information, visit www.umpquaholdingscorp.com.

About Sterling Financial Corporation

Sterling Financial Corporation (NASDAQ:STSA) of Spokane, Washington, is the
bank holding company for Sterling Savings Bank, a Washington state chartered
and federally insured commercial bank. Sterling Savings Bank does business as
Sterling Bank in Washington, Oregon and Idaho and as Argent Bank in
California, offering banking products and services, mortgage lending, and
trust and investment products to individuals, small businesses, corporations
and other commercial organizations. As of December 31, 2013, Sterling
Financial Corporation had assets of $10.31 billion and operated depository
branches in Washington, Oregon, Idaho and California. Visit Sterling Financial
Corporation’s website at www.sterlingfinancialcorporation.com.

Cautionary Statement Regarding Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning
of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be identified by
the use of words such as “anticipate”, “may”, “can”, “believe”, “expect”,
“project”, “intend”, “likely”, “plan”, “seek”, “should”, “would”, “estimate”
and similar expressions and any other statements that predict or indicate
future events or trends or that are not statements of historical facts. These
forward-looking statements are subject to numerous risks and uncertainties.
Actual results may differ materially from the results discussed in these
forward-looking statements because such statements are inherently subject to
significant assumptions, risks and uncertainties, many of which are difficult
to predict and are generally beyond Sterling’s and Umpqua’s control. These
risks and uncertainties include, but are not limited to, the following: the
timing to consummate the proposed merger; and the risk that a condition to
closing of the proposed merger may not be satisfied and the risk that a
regulatory approval that may be required for the proposed merger is not
obtained or is obtained subject to conditions that are not anticipated.
Sterling and Umpqua undertake no obligation (and expressly disclaim any such
obligation) to publicly update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise. For
additional information concerning factors that could cause actual conditions,
events or results to materially differ from those described in the
forward-looking statements, please refer to the factors set forth under the
headings "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Umpqua’s and Sterling’s most recent
Form 10-K and 10-Q reports and to Sterling’s and Umpqua’s most recent Form 8-K
reports, which are available online at www.sec.gov. No assurances can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of Umpqua or Sterling.

Contact:

Media Contacts
Umpqua Holdings Corporation
SVP, Corporate Communications
Eve Callahan, 503-727-4188
evecallahan@umpquabank.com
or
Sterling Financial Corporation
VP, Communications and Public Affairs Director
Cara Coon, 509-626-5348
cara.coon@bankwithsterling.com
or
Investor Contacts
Umpqua Holdings Corporation
EVP/Chief Financial Officer
Ron Farnsworth, 503-727-4108
ronfarnsworth@umpquabank.com
or
Sterling Financial Corporation
EVP/Chief Financial Officer
Patrick J. Rusnak, 509-227-0961
pat.rusnak@bankwithsterling.com
 
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