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0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW UPDATE: Gov. Kate Brown says school districts must provide annual lead reports ... Planning for Rogue Basin drought resiliency ... Southern Oregon fire crews prepare for long, hot summer ... UPDATE: Gov. Kate Brown says school districts must provide annual lead reports ... Planning for Rogue Basin drought resiliency ... Southern Oregon fire crews prepare for long, hot summer ... BANKING Davis will step down as Umpqua Holdings CEO He'll remain as executive chairman of the board Comment By Greg Stiles Mail Tribune Follow @@GregMTBusiness MailTribune.com By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted Jun. 21, 2016 at 12:01 AM By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted Jun. 21, 2016 at 12:01 AM » Social News Ray Davis, who parlayed the merger of two small community banks in Southern Oregon into a regional powerhouse with offices from the Puget Sound to Los Angeles, is leaving his role as Umpqua Holdings president and CEO Jan. 1. Current Umpqua Bank president Cort O'Haver will succeed Davis, 67, who will remain as executive chairman of the company's board. Davis joined South Umpqua State Bank in 1994 and engineered a $54 million merger of South Umpqua Bank, as it was then called, with Rogue River-based Valley of the Rogue Bank in 2000. The combined institutions became Umpqua Bank, the third-largest Oregon-based bank at the time, with $750 million in assets and 27 offices along the Interstate 5 corridor. Davis became CEO of Umpqua Holdings Co., which subsequently moved its headquarters to Portland, although Umpqua Bank's headquarters remained in Roseburg. The bank, whose employees answer the phone calls "Welcome to the world's greatest bank," has grown to $24 billion in assets. "Ray has transformed Umpqua into one of the most distinctive financial institutions in the country, built a terrific management team and guided the company successfully through the worst economic crisis in recent history,” Peggy Fowler, Umpqua Holdings board chairwoman said in a statement. O’Haver joined Umpqua as executive vice president of commercial banking in 2010, bringing more than 25 years of banking experience to the company. He moved into Umpqua’s commercial business, adding international banking, equipment leasing and debt capital markets divisions, while also managing geographic expansion into new markets. Earlier this year, he was promoted to president of Umpqua Bank. Before joining Umpqua, he was an executive vice president and corporate banking director for Mechanics Bank. “Throughout the board’s rigorous succession process, Cort has demonstrated his ability to take Umpqua to the next level," Davis said in a statement. "He’s an outstanding leader who has played a pivotal role in the company’s ability to navigate successfully through the economic crisis and in the integration of the largest acquisition in Umpqua’s history." By Greg Stiles Mail Tribune Follow @@GregMTBusiness MailTribune.com By Greg Stiles Mail Tribune Follow @@GregMTBusiness Posted Jun. 21, 2016 at 12:01 AM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2016 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501