Weeks after raising $303.6 million, Umpqua Holdings Corp. in Portland, Ore., announced late Wednesday that it had repurchased securities issued to the Treasury Department under the Troubled Asset Relief Program.
The $9.4 billion-asset company paid the Treasury $214.2 million.
"Umpqua was asked to participate in the Capital Purchase Program because of our position as one of the strongest financial institutions in the country," Ray Davis, Umpqua's president and chief executive, said in a press release.
Last month Umpqua bought the failed Evergreen Bank in Seattle. In January 2009 it bought the failed Bank of Clark County in Vancouver, Wash. Umpqua is negotiating for the repurchase of the warrant the Treasury holds.
Umpqua announced its fourth consecutive quarterly loss last month. The $29.9 million fourth-quarter loss to shareholders brought the net loss for 2009 to $166.3 million. For 2008 the company posted a $49.3 million profit.
