American Perspective Bank selling for $45 million
April 10, 2012
Umpqua, the largest Oregon-based bank, expects to finalize the transaction in mid-2012, pending regulatory sanction and approval by the shareholders of American Perspective Bank. The combined organization will have about $11.8 billion in assets.
American Perspective Bank, which operates three branches in San Luis Obispo and Santa Barbara counties, reported $259 million in assets as of Dec. 31 and net earnings of $2.1 million in 2011. It was founded in October 2007 and has branches in San Luis Obispo, Paso Robles, and Santa Maria.
“Umpqua Bank is one of the most respected community banks in the country with a proven track record of integrating organizations so customers, employees and communities benefit,” said Tom Madden, chairman of American Perspective Bank’s board of directors. “We’re confident this merger will create long-term value for both organizations and our communities, while providing our customers with enhanced resources and expertise. Umpqua has asked the board of directors of American Perspective Bank to remain closely engaged in Umpqua’s operations in this region, and we look forward to working together.”