PORTLAND, Ore. - Umpqua Holdings Corp. said Tuesday that it had agreed to buy $114 million-asset Linn-Benton Bank in Albany, Ore., for $20 million in cash and stock.
The deal is expected to close by yearend and is the second announced by Umpqua this summer. On June 22 it said it had agreed to buy $390 million-asset Independent Financial Network of Coos Bay, Ore., for $54 million.
Umpqua is the $827 million-asset parent of Umpqua Bank, which is based in the southern Oregon city of Roseburg. After two deals are completed, Umpqua Holdings would have assets of more than $1.3 billion.
Umpqua plans to exchange about 889,000 of its shares to acquire 60% of Linn-Benton stock. It would pay about $12.75 for each share of the remaining 40% of Linn-Benton stock.
