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Deal Overview

Buyer:
Umpqua Holdings Corporation
Actual Acquirer:
Umpqua Holdings Corporation
Target:
Humboldt Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
3/13/2004
Announcement Date:
3/13/2004
Announced Deal Value ($ M):
343.78
Status:
Completed
Completion Date:
7/9/2004
Announced Deal Value Per Share ($ )
21.42

Consideration Breakout
Common Stock ($M) 343.4
Common Stock Issued 15,500,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 269.4 209.8
Price / Tangible Book (%) 288.7 363.0
Price / Earnings (x) 9.4 28.5
Price / Deposits (%) 41.79 30.03
Price / Assets (%) 32.91 23.59
Tangible Book Premium/ Deposits (%) 38.23 25.79
Deal Terms
Description of Consideration

Umpqua issued 1.00 share for each share of Humboldt.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 238,205
Estimated Cost Savings (%) 23.00
Estimated Cost Savings ($ 000) 9,815
Est. Restructuring Charges ($ 000) 7,100
Maximum Termination Fee ($ 000) 10,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.000000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 18.0000
% of Shares Outstanding 19.80
Shares Under Option 3,022,666
Core Deposit Intangibles ($ 000) 11,646
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Wells Fargo Securities LLC
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Foster Pepper PLLC
Seller Yes Sullivan & Cromwell LLP