Placerville West and Pollock Pines Umpqua Bank branchs to Close in consolidation

by Placerville Newswire / Mar 20, 2016 / comments

Oregon-based Umpqua Bank said Thursday that it will consolidate 26 banks later this year.   Bank official: Consolidates reflects "changes in customer behavior."

Eight of the banks slated to close, beginning in June, are in California. Umqua said the consolidations will be implemented throughout the summer.  In a statement, Greg Seibly, Umpqua Bank’s president of consumer banking, said: “Today, customers can bank online and on their mobile devices – and convenience is defined not by bank locations but by an integrated mix of physical and digital options that make it possible for customers to bank when and where they choose. These store consolidations reflect those changes in customer behavior and allow Umpqua to continue operating as efficiently as possible while investing in a unified physical and digital customer experience.”
    
Existing Umpqua banks that will assume the business and consumer accounts of the closed banks. 

Both the Pollock Pines branch at 2661 Sanders Drive in Pollock Pines, and the Placerville West branch at 3970 Missouri Flat Road in Placerville, will be absorbed into the Placerville East branch at 1224 Broadway in Placerville.

It's unclear how many employees will be affected or how many locations the bank is left with. Umpqua officials could not immediately be reached. The bank had more than 350 in its entire five-state network.

Umpqua is coming off a strong year. It earned $253.8 million in 2015, $1.15 per diluted share, compard to $202.5 million, $1.08 per share, in the prior year.