Umpqua Holdings schedules automatic conversion of series B preferreds

By Angela McDaniels

Tacoma, Wash., April 21 - Umpqua Holdings Corp. said each share of its series B common stock equivalent preferred stock will be automatically converted into 100 shares of newly issued common stock.

The conversion was expected to occur at the close of business on April 21, according to an 8-K filing with the Securities and Exchange Commission.

The company received shareholder approval on April 20 to increase the number of authorized shares of common stock to 200 million from 100 million, triggering the conversion.

The preferred stock is represented by depositary shares at the ratio of 100 depositary shares per preferred. The depositary shares will be delisted from Nasdaq concurrently with the conversion.

Portland, Ore.-based Umpqua Holdings is the parent company of Umpqua Bank and Umpqua Investments Inc.

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