PORTLAND, Ore. (AP) -- Regional bank Umpqua Holdings Corp. said Tuesday that it is buying Financial Pacific Holding Corp., which leases equipment to small businesses, for $158 million.
The Portland, Ore.-based bank said that the deal follows other expansion efforts it has made during the past three years in business banking, agriculture lending and homebuilder lending.
Umpqua is buying FinPac, the parent company of Financial Pacific Leasing, from Chicago private equity firm Flexpoint Ford LLC. The boards of both companies and Flexpoint have approved the transaction, which is expected to be complete within 30 days.
Umpqua expects the deal to increase operating earnings per share in the first year. FinPac had assets of $279 million as of April 30.
Shares of Umpqua increased 3.3 percent to $13.98 in late morning trading. Shares set a 3-year high of $14.05 earlier Tuesday.