Umpqua Holdings Corporation and Sterling Financial Corporation announced regulatory approval for a merger in a statement Monday. The proposed merger was first announced in September.
Sterling Bank branches are expected to operate under the Umpqua banner after April 18.
Both banks are lightly represented in Kitsap County. Spokane-based Sterling operates a bank branch in Winslow, and home loan offices in Port Orchard and Silverdale. Umpqua, an Oregon company, has a home loan office in Siverdale, and two Gig Harbor branches.
According to the statement, Sterling Financial Corporation had assets of $10.31 billion at the end of 2013 and operated depository branches in Washington, Oregon, Idaho and California. Umpqua had locations in Oregon, Washington, California and Nevada.
The Spokesman-Review has more on the merger.