Umpqua Holdings Corp. in Portland, Ore., a once active acquirer that has not made a deal in nearly two years, is now flush with cash and sizing up its options.

The $214 million it received through the Treasury Department's Capital Purchase Program pushed its capital "north of 14%, which gives us the ability to look at opportunities," said Raymond P. Davis, Umpqua's chief executive. The $8.3 billion-asset company is not "knocking on doors," but it plans to be "opportunistic."

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