Umpqua Holdings in Portland, Ore., has named its top commercial banking executive the president of its bank unit.

Cort O'Haver, president of commercial banking at Umpqua Bank since 2014, is now its president, the $23 billion-asset holding company said Wednesday. He takes the title from Ray Davis, who remains president and chief executive of the parent company and CEO of the bank.

O'Haver has "excelled operationally, financially and culturally as president of commercial banking, and has been instrumental in working with me to advance Umpqua's unique vision and value proposition," Davis said in a news release.

O'Haver joined Umpqua in 2010 and directed the commercial banking division. He helped to diversify the bank's commercial business and functions and added international banking, equipment and leasing and debt capital markets capabilities, as well as managed expansion into new geographical markets, the release said.

Umpqua Bank has 342 offices in Idaho, Washington, Oregon, California and northern Nevada. It announced in March that it planned to close 26 branches starting in June in an effort to cut costs.

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