Umpqua Bank’s plan to grow the private banking business to 10 times its size by 2018 may shift into high gear if its parent company’s planned acquisition of Sterling Financial Corp. is approved.

“Nothing has changed as far as the direction that we’re headed, but certainly this helps us accelerate our goals,” Kelly Johnson, head of Umpqua’s wealth management division, said of the acquisition of Sterling, the bank holding company of Spokane, Wash.-based Sterling Savings Bank. 

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