Business & Finance
Tue, May 11, 2010Mon, May 10, 2010Sun, May 9, 2010Sat, May 8, 2010Fri, May 7, 2010Thu, May 6, 2010Mon, January 11, 2010Sun, January 10, 2010Sat, January 9, 2010Fri, January 8, 2010Thu, January 7, 2010Umpqua Holdingsa Ron Farnsworth Named CF Oof Year
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Published in Business and Finance on Friday, May 7th 2010 at 4:35 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
PORTLAND, Ore.--([ BUSINESS WIRE ])--Ron Farnsworth, chief financial officer for Umpqua Holdings Corporation (NASDAQ:UMPQ) and its subsidiaries,[ Umpqua Bank ] and [ Umpqua Investments ], was named CFO of the Year today at [ The Portland Business Journala™s ]annual awards luncheon. Farnsworth received the honor in the public company category.
"The past year was tremendously challenging in the financial services industry, yet under Farnswortha™s leadership Umpqua was recognized as one of the most financially sound banks in the nation. I could not be more pleased to see him receiving such deserved recognition as CFO of the Year."
Farnsworth oversees all financial and fiscal management operations for Umpqua Holdings Corporation and Umpqua Bank, Oregona™s largest financial institution and one of the countrya™s most financially sound community banks. Farnsworth accepted the position of CFO for Umpqua Bank in 2008 in the middle of the most challenging financial environment the nation has faced since the Great Depression. Since Farnsworth took leadership, he has been pivotal in leading the banka™s financial growth from $8.3 billion in assets and 147 stores, to approximately $10.5 billion in assets and 174 stores between Seattle and San Francisco.
He played a pivotal role in three transactions between the Federal Deposit Insurance Corporation (FDIC) and Umpqua Bank to acquire the assets and deposits of Washington State-based Bank of Clark County, EvergreenBank and Rainier Pacific Bank. Additionally, he was at the forefront of two successful capital offerings for Umpqua Bank that raised $562 million (44 percent more than originally projected). In February, Farnsworth led Umpqua to be the first Oregon bank to repay the U.S. Department of the Treasury for funds received through the Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP).
aRon Farnswortha™s natural leadership, foresight, and understanding of the financial, regulatory and business environments in which banks operate, paired with his willingness to educate and guide those around him, are remarkable and worthy of recognition,a said Ray Davis, president and CEO of Umpqua Bank. aThe past year was tremendously challenging in the financial services industry, yet under Farnswortha™s leadership Umpqua was recognized as one of the most financially sound banks in the nation. I could not be more pleased to see him receiving such deserved recognition as CFO of the Year.a
Farnsworth began his career in 1993 working for KPMG, a public accounting firm located in Portland, Ore. He joined Umpqua Bank in December 2001, upon the banka™s acquisition of Independent Financial Network, where he was serving as CFO.
CFO of the Year Awards is an annual Portland Business Journal event created to recognize the statea™s top business leaders. This award follows Farnswortha™s 2009 recognition by The Portland Business Journal on its list of Oregona™s Forty Under 40 top business leaders.
About Umpqua Holdings Corporation
Umpqua Holdings Corporation (NASDAQ: UMPQ) is the parent company of Umpqua Bank, an Oregon-based community bank recognized for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions. Umpqua Bank has 174 locations between San Francisco, and Seattle, Wash., along the Oregon and Northern California Coast and in Central Oregon. Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments Inc., which has locations in Umpqua Bank stores and in dedicated offices in Oregon. Umpqua's Private BankDivision serves high net worth individualsand non-profitsproviding customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit [ www.umpquaholdingscorp.com ].