Umpqua Bank wanted to offer trust services, but like many banks, it was wary of the expense of a major new initiative.

So the unit of Umpqua Holdings Corp., in Portland, Ore., found a partner: New York Private Trust Co., a subsidiary of Emigrant Bancorp Inc. in New York. The deal enabled Umpqua to quickly roll out a trust offering under its brand, with minimal capital outlay and without additional infrastructure, according to Kelly Johnson, executive vice president of wealth management of Umpqua Holdings.

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