Umpqua Private Bank is spreading its wings beyond its home base in Portland, Ore., where the business launched in August of 2009.
Umpqua Bank, a community bank based in Roseburg, Ore., announced that its private banking business would expand into Seattle and San Francisco, where it believes its high-touch banking products and investment services will be a good fit.
Over the past three years, Umpqua Private Bank has grown as a result of our teams commitment to our clients and integrated approach to wealth management, Kelly Johnson, executive vice president of Wealth Management, said in a statement. Seattle and San Francisco are a great fit for Umpquas unique approach to banking, and we look forward to adding our private banking expertise in these key markets.
Just how much the private bank has grown and when the new offices will open is not known as the bank did not return calls for information. In November of 2009, its retail brokerage subsidiary had more than $2.4 billion in assets under management, double what it had at the beginning of the year, according to a bank press release.
Umpqua Private Bank is part of Umpquas Wealth Management Division, which was formed in early 2009 when Johnson joined the bank to lead the new group. The private bank provides wealth management services to customers with more than $3 million in net worth and $1 million in investable assets.
Since Johnsons arrival from RBC Wealth Management, the banks retail brokerage subsidiary was renamed Umpqua Investments, Inc. and some 30 financial advisors were added to the team, according to a review of the banks press releases. The bank currently has about 37 financial advisors, says Rick Rummage, founder and CEO of the Rummage Group, a career consulting group specializing in the financial industry.
Umpqua Bank is a subsidiary of Umpqua Holdings Corp., which is based in Portland, Ore.