Sanjay Sharma

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Umpqua (UMPQ) Up on Store Consolidation Initiative for 2016 Zacks By Zacks Equity Research Mar 21, 2016 12:30 PM Following its announcement of the consolidation of branches on Thursday by Umpqua Bank, a subsidiary of Oregon-based Umpqua Holdings Corporation UMPQ, shares of the company gained 2.04%. The bank will merge around 26 store locations this year, starting in June.... Today, customers can bank online and on their mobile devices and convenience is defined not by bank locations but by an integrated mix of physical and digital options that make it possible for customers to bank when and where they choose, said Greg Seibly, Umpqua Bank’s president of consumer banking. These store consolidations reflect those changes in customer behavior and allow Umpqua to continue operating as efficiently as possible while investing in a unified physical and digital customer experience. The plans are part of Umpqua’s review on customers’ choice and usage patterns throughout the bank’s network and distribution channels. As of Dec 31, 2015, Umpqua had 382 commercial banking centers. To combat revenue challenges in the current low interest rate environment, banks are striving hard to adopt cost-cutting measures such as branch closures to boost bottom-line growth. Meanwhile, people are getting increasingly accustomed to mobile and internet banking, which has already lowered the importance of banking locations. Such modes of communication not only save time for a customer, avoiding physical visit to a branch, but also saves costs for a bank. Several other banks that have taken similar moves in recent times including JPMorgan Chase & Co. JPM, Fifth Third Bancorp FITB and Citigroup Inc. C. Umpqua currently carries a Zacks Rank #3 (Hold).

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