Umpqua Bank of Portland, Ore., plans to boost its visibility in the City by the Bay.
The $11.5 billion-asset unit of Umpqua Holdings (UMPQ) said Thursday it would open a flagship store in San Francisco's financial district.
Plans to open the new branch follow Umpqua's announcement in August it would buy Circle Bancorp in Novato, Calif. for $25 million. The deal for the $322 million-asset Circle would add six branches north of San Francisco to the company's 74 branches in the Golden State, according to the Federal Deposit Insurance Corp. That deal is expected to close this year.
Umpqua, which currently has a commercial banking center in San Francisco, also said in September it would open its first retail branch in San Jose early next year.
"San Francisco is an incredibly vibrant market, both economically and in terms of the innovation and companies it fosters," Ray Davis, Umpqua Bank's chief executive said in a news release. "We have long recognized the potential for Umpqua's unique brand and approach to banking in the Bay Area and look forward to introducing the next evolution of our retail concept and customer experience here."
Umpqua's San Francisco flagship will offer retail, private and commercial banking and serve as a communal gathering space for consumers and business, according to the company. Umpqua said the 3,600-squre foot store, which the bank expects to open during the second quarter of 2013, also would serve as an event space available to consumers, nonprofit firms and businesses.
In all, Umpqua has 193 branches in Oregon, California, Washington and Nevada, according to the FDIC.