1. Oregon-based Umpqua Bank agreed to buy Western Sierra Bancorp for $355 million in stock. The move gives Umpqua a greater presence in northern California, furthering its goal to build its brand from Sacramento to Seattle. WSB will operate under the Umpqua name.
2. In a Midwest expansion plan, Ohio-based Sky Financial Group plans to buy Union Federal Bank of Indianapolis, the fourth- largest bank in that city, for $330 million. Union's parent company, Waterfield Mortgage, will sell its mortgage-banking business in a separate transaction.
3. Paramus, NJ-based Hudson City Bancorp will expand into the New York City's affluent northern suburbs with a $265 million acquisition of Sound Federal Bancorp. Following the deal, Hudson City says it will have branches in seven of the 50 wealthiest counties in the U.S.
4. Placer Sierra Bancshares will pay $175 million in stock to buy Southwest Community Bancorp. Placer Sierra said the deal advances its goal of becoming a statewide bank. The combined company will have $2.7 billion in assets and 49 branches.
5. Sterling Financial Corp. plans to buy Lynnwood Financial Group for $65.3 million. Sterling said the deal, which adds seven offices, strengthens its residential-mortgage lending capabilities. The merged firm will have about $8 billion in total assets and $5 billion in deposits.
