Umpqua Banks plan to grow the private banking business to 10 times its size by 2018 may shift into high gear if its parent companys planned acquisition of Sterling Financial Corp. is approved.
Nothing has changed as far as the direction that were headed, but certainly this helps us accelerate our goals, Kelly Johnson, head of Umpquas wealth management division, said of the acquisition of Sterling, the bank holding company of Spokane, Wash.-based Sterling Savings Bank.
The transaction, which is expected to close in the first half of 2014, will boost
Its a wonderful opportunity for us, particularly in the Seattle market, Fortin said of the merger, adding that it will affect Umpquas private banking business in a positive way.
Seattle is teeming with Generation Xers lured by the tech industrys high-paying jobs, according to Fortin. 100,000 new people are moving into Seattle every year driven by the tech industry, and the tech industry tends to hire people in that age range, she said.
To raise its visibility among Generation X, Umpqua is opening an office in Seattles South Lake Union neighborhood, the heart of the tech area, said Fortin. The office will open in February in one of Amazons buildings.
Her existing team is beginning to bring some respectable balances and good activity into the pipeline, Johnson said of Fortins efforts.
In San Francisco, Umpqua Private Bank will grow entirely on its own as Sterling does not have a presence in that market.
I was stunned with the number of people who are coming through just to see it because of the unique nature and the street presence that we have, Johnson said of the new location.
Overall, the wealth management business is on target to hit more than
We really are creating the buzz that we hoped for in all of our markets because of the people were hiring, Johnson said. Nothing happens overnight as we all know in the wealth business, whether it be private banking or the investment side, but what does make an impact is the right people.
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