Regional bank Umpqua Holdings Corp. said it has closed a previously announced public offering of 26.5 million shares of common stock.
The company said it raised $245.6 million after deducting underwriting discounts and commissions and estimated offering expenses.
Proceeds will be used for general corporate purposes, which may include acquisitions, and to position the company for eventual redemption of preferred stock issued to the U.S. Treasury under the Capital Purchase Program.
Umpqua Holdings is the parent company of Umpqua Bank, an Oregon-based community bank with 150 locations between Napa, Calif., and Bellevue, Wash., along the Oregon and Northern California Coast and in Central Oregon.Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments Inc.
Shares rose 8 cents to close at $10.06.
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