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ENLARGE
Davis
The recent lawsuit filed against Umpqua Bank has caused unnecessary concerns for our customers and shareholders. Let me be very clear: neither Umpqua Bank nor its management team assisted, ignored or was aware of any wrongdoing by Summit Accommodators, Inc. The allegations in the suit will prove to be unfounded, unsubstantiated and unnecessarily inflammatory.
While the lawsuit is outrageous, it is also a demonstration of Umpqua's strength as a company. Lawyers and bankruptcy trustees don't target weak companies, they look for deep pockets.
By now the citizens of Douglas County know that Umpqua Bank is one of the strongest and healthiest regional banks in the country. That fact is irrefutable, proven by our financial statements and our performance:
1. Umpqua Bank is extremely well capitalized, with more capital reserved than is required by federal regulators;
2. The company has over $2 billion in liquidity;
3. We recognized the challenges in our residential development loan portfolio earlier than many of our peers and acted quickly and aggressively to address them, hence our credit quality is strong;
4. We have an experienced management team and a thriving culture. Our associates at every level of the company are a talented, dedicated group whose commitment to you, our customers and shareholders has never wavered. Nor has our integrity and strong business ethics.
When someone disagrees with our business strategy or a product or pricing, that's one thing; when someone questions the integrity of this wonderful company that's another, and it must be responded to and corrected. I guarantee it will be defended with all of our strength and many resources. As you know Umpqua Bank was founded in 1953 in Canyonville to provide loggers with a place to cash their paychecks. Through economic ups and downs, we've helped thousands of businesses and consumers invest in their companies, buy homes and build and protect their financial resources.
Along the way, we have made many changes, introduced new delivery systems, created a one of a kind company culture and experienced significant growth. While we did these things, Umpqua grew into a special community bank recognized for its financial performance and integrity. We have also become an integral part of all the communities we serve through our volunteer service and monetary support of nonprofits and other community programs.
We made these changes with great care — and great respect for the trust our customers place in us to guard their financial resources with the same concern for their safety that we have for our own.
I understand well how difficult this economic environment is. In the past few months I've traveled throughout Umpqua's footprint from Portland to Roseburg to Eugene to Sacramento talking with hundreds of business owners and consumers.
Despite the challenges so many are facing, there is also tremendous optimism. And I believe firmly, as do so many of you, that we can come out of this recession stronger, more innovative and more flexible than before.
But we must do so with integrity as well as ingenuity. I'm too proud of the work we do every day — and have the confidence of too many customers and associates — to take allegations like these sitting down.
Everyone at Umpqua is very proud of the solid reputation for honesty, fair dealing and service we've built over the past 56 years. We remain as committed to those values as ever and look forward to continuing to serve our customers and communities as we always have: with a commitment to providing the resources our communities need to grow and thrive.
Ray Davis is president and CEO of Umpqua Bank. He joined Umpqua Bank in 1994 and has grown the bank from six locations and $140 million in assets to 151 stores and nearly $9 billion today. Davis can be reached at raymondpdavis@umpquabank.com.
While the lawsuit is outrageous, it is also a demonstration of Umpqua's strength as a company. Lawyers and bankruptcy trustees don't target weak companies, they look for deep pockets.
By now the citizens of Douglas County know that Umpqua Bank is one of the strongest and healthiest regional banks in the country. That fact is irrefutable, proven by our financial statements and our performance:
1. Umpqua Bank is extremely well capitalized, with more capital reserved than is required by federal regulators;
2. The company has over $2 billion in liquidity;
3. We recognized the challenges in our residential development loan portfolio earlier than many of our peers and acted quickly and aggressively to address them, hence our credit quality is strong;
4. We have an experienced management team and a thriving culture. Our associates at every level of the company are a talented, dedicated group whose commitment to you, our customers and shareholders has never wavered. Nor has our integrity and strong business ethics.
When someone disagrees with our business strategy or a product or pricing, that's one thing; when someone questions the integrity of this wonderful company that's another, and it must be responded to and corrected. I guarantee it will be defended with all of our strength and many resources. As you know Umpqua Bank was founded in 1953 in Canyonville to provide loggers with a place to cash their paychecks. Through economic ups and downs, we've helped thousands of businesses and consumers invest in their companies, buy homes and build and protect their financial resources.
Along the way, we have made many changes, introduced new delivery systems, created a one of a kind company culture and experienced significant growth. While we did these things, Umpqua grew into a special community bank recognized for its financial performance and integrity. We have also become an integral part of all the communities we serve through our volunteer service and monetary support of nonprofits and other community programs.
We made these changes with great care — and great respect for the trust our customers place in us to guard their financial resources with the same concern for their safety that we have for our own.
I understand well how difficult this economic environment is. In the past few months I've traveled throughout Umpqua's footprint from Portland to Roseburg to Eugene to Sacramento talking with hundreds of business owners and consumers.
Despite the challenges so many are facing, there is also tremendous optimism. And I believe firmly, as do so many of you, that we can come out of this recession stronger, more innovative and more flexible than before.
But we must do so with integrity as well as ingenuity. I'm too proud of the work we do every day — and have the confidence of too many customers and associates — to take allegations like these sitting down.
Everyone at Umpqua is very proud of the solid reputation for honesty, fair dealing and service we've built over the past 56 years. We remain as committed to those values as ever and look forward to continuing to serve our customers and communities as we always have: with a commitment to providing the resources our communities need to grow and thrive.
Ray Davis is president and CEO of Umpqua Bank. He joined Umpqua Bank in 1994 and has grown the bank from six locations and $140 million in assets to 151 stores and nearly $9 billion today. Davis can be reached at raymondpdavis@umpquabank.com.
