PORTLAND, Ore. — Umpqua Holdings Corp. announced Friday that it has agreed to buy Independent Financial Network, a multibank holding company in Coos Bay, Ore., for $53.8 million in stock.

The pooling-of-interests deal is a departure from $800 million-asset Umpqua’s recent strategy of expanding in Oregon’s larger cities. Independent Financial, with $390 million of assets, operates seven community banks, mostly in small communities in the southwest part of the state.

Umpqua is to exchange 0.827 of a share of its stock for each share of Independent Financial stock.

Based on Umpqua’s June 20 closing price of $11.96, the exchange would equal $9.89 per share.

Independent Financial’s stock rose more than 72% on news of the deal. It was trading at $8.90 late Friday. Umpqua’s stock fell slightly, to $11.40.

Independent Financial’s banks would be merged into Umpqua Bank, of Roseburg, Ore., which would have assets of about $1.2 billion and deposits of about $1 billion after the merger.

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