For employees of Sterling Bank, Friday marked a bittersweet finale, the official last day before the Spokane-based bank was folded into Portland-based Umpqua Bank.
Now Sterlings staff and branches are operating as Umpqua Bank, the largest community bank in the Western United States.
The merger gives Umpqua its first presence in the Treasure Valley. Sterling had single branches in Boise and Meridian and 17 branches elsewhere in Idaho. Sterling also has a home-loan office in Boise. Umpqua plans to keep all of those open.
The merger produced a bank with nearly $22 billion in assets and 5,000 employees and nearly 400 branches across Idaho, Washington, Oregon and California. Some layoffs and branch closures are expected in areas outside of Idaho where the banks competed.
Sterling has 150 employees in Idaho and about 30 in the Treasure Valley. As of June 30, 2013, it had the second-smallest share of the 22 banks collecting deposits in the Treasure Valley, with $35.8 million, or just 0.41 percent of the market, according to the Federal Deposit Insurance Corp.