Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), today announced a package of relief and support for communities, customers and associates impacted by the devastating wildfires raging across the West Coast.
"The personal loss experienced by so many people from these historic wildfires is truly incalculable. As a bank, we've experienced the devastation firsthand, including the complete loss of one of our stores in Phoenix, Oregon," said Umpqua Bank CEO Cort O'Haver. "The road to recovery will take time, but Umpqua is committed to doing all we can to help our communities rebuild what's been lost."
Today's announcement comes as wildfires in Oregon, Washington and California have already consumed more than five million acres and resulted in at least 36 deaths. In response to the devastation, Umpqua has activated relief programs for community, customers and associates to support both immediate needs and longer-term recovery efforts.
Community Relief Umpqua has committed $750,000 in relief funding for impacted communities. This includes $100,000 for both response and recovery efforts in the coming weeks. An additional $650,000 is allocated for community organizations helping small businesses and local economies recover. The bank has also activated a 3:1 corporate match for associates donating to nonprofits supporting those impacted by the wildfires, as well as expanded its Virtual Volunteer program to support the many Umpqua associates currently volunteering time and resources to recovery efforts.
Customer Relief The bank has activated its Disaster Relief Loan Program to provide impacted customers quick access to cash as needed, as well as to help them recover financially. Mortgage relief options for homeowners impacted by natural disasters are also being actively made available, and the bank will work with all impacted customers to defer or waive any costs associated with their Umpqua accounts incurred as a direct result of the wildfires.
Associate Relief For the many Umpqua associates directly impacted by the wildfires, the bank has initiated an emergency assistance fund. In addition to providing direct financial support to these associates, the bank is also providing impacted associates access to a wide variety of services to meet their immediate and long-term needs.
"Especially in moments like this, we want our communities and people to know they're not alone," said O'Haver. "In addition to this initial relief, Umpqua will continue partnering closely with local leaders and organizations to help those we serve recover and move forward."
About Umpqua BankUmpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the fifteenth consecutive year. In addition to its retail banking presence, Umpqua Bank also owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to businesses. A subsidiary of Umpqua Holdings Corporation, Umpqua Investments, Inc., provides retail brokerage and investment advisory services in offices throughout Washington, Oregon, and California.
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SOURCE Umpqua Bank