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Deal Overview

Buyer:
Umpqua Holdings Corporation
Actual Acquirer:
Umpqua Holdings Corporation
Target:
Western Sierra Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
2/7/2006
Announcement Date:
2/7/2006
Announced Deal Value ($ M):
356.28
Status:
Completed
Completion Date:
6/2/2006
Announced Deal Value Per Share ($ )
44.02

Consideration Breakout
Common Stock ($M) 351.6
Common Stock Issued 12,700,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 263.1 253.3
Price / Tangible Book (%) 353.0 335.3
Price / Earnings (x) 19.7 19.1
Price / Deposits (%) 33.97 34.17
Price / Assets (%) 27.56 27.52
Tangible Book Premium/ Deposits (%) 31.28 30.97
Deal Terms
Description of Consideration

Umpqua Holdings Corp. exchanged 1.61 shares for each share of Western Sierra common stock.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 247,799
Estimated Cost Savings (%) 23.00
Estimated Cost Savings ($ 000) 9,698
Est. Restructuring Charges ($ 000) 21,846
Maximum Termination Fee ($ 000) 14,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.610000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 27,624
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Hoefer & Arnett Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Foster Pepper PLLC
Seller Yes Sullivan & Cromwell LLP