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Umpqua Bank Customer FAQs: Important changes effective August 14th (John Day, Burns, and Lakeview Locations)

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John Day, Burns, and Lakeview Branch Purchase

John Day Branch Drawing
Lakeview Branch Drawing
Burns Branch Drawing

Umpqua Bank and First Community Credit Union (First Community) are pleased to announce the sale of the Umpqua Bank stores in John Day, Burns, and Lakeview, Oregon to First Community. Umpqua Bank and First Community have many shared values. First Community serves many small communities in Oregon and is committed to providing the best possible experience to customers and employees during the transition.

The following frequently asked questions (FAQs) are provided to help answer your initial questions about the sale.

Who is First Community?

With headquarters in Coquille, First Community has over $1.2 billion in assets, serves nearly 80,000 members/customers and operates 28 branches throughout Oregon. Most of their branches are located in smaller communities.

Why does First Community want to purchase the stores (branches) mentioned above?

First Community is growing and John Day, Burns, and Lakeview are similar to many of the communities they currently serve. Purchasing these branches allows First Community to offer its products and services in new communities and continue to grow.

What does it mean to be a member of First Community?

First Community is a member-owned financial cooperative that is chartered by the State of Oregon and led by a board of directors, elected from the membership. Individuals that live or work in communities served by First Community can become members. Members enjoy access to low-cost deposit and loan products. There is no membership fee to join or remain a member. Individuals become members by maintaining at least $1.00 in an account called a share account (i.e. all member/customers are shareholders).

First Community will open and fund a $1.00 share account for all Umpqua Bank customers associated with the John Day, Burns, and Lakeview branch purchases.

When will the sale take place?

Umpqua Bank and First Community are working together to prepare for sale and the conversion of account records to be made. It is anticipated the sale will be finalized on August 14, 2020.

Will the store employees remain the same?

Yes. The existing employees will become employees of First Community at the time of the sale if they desire. Their duties, compensation, and benefits will remain substantially the same. First Community has a policy to never lay off its employees and looks forward to welcoming these new individuals to its team.

Will my deposits continue to be federally insured?

First Community is insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF). Umpqua Bank is insured by the Federal Deposit Insurance Corporation (FDIC). Your deposits will continue to be federally insured to the maximum amount available and backed by the full faith and credit of the United States Government. To learn more about how your funds are secured by the NCUSIF, visit https://www.mycreditunion.gov/share-insurance-estimator-home. Funds held in retirement accounts are insured differently under the NCUSIF. Coverage for Individual Retirement Accounts is separate and in addition to coverage for other credit union accounts.

What if I already have an account at First Community and Umpqua Bank?

After the sale you will continue to have both accounts available for you at First Community. In the event you have more than $250,000 at First Community as a result of the transaction, the excess may no longer be federally insured. First Community will contact the Umpqua Bank customers who will have greater than $250,000 on deposit as a result of the transaction to discuss options to maintain insurance coverage.

Will the terms and conditions for my accounts and loans remain the same at the time of the sale?

First Community will honor all account and loan agreements associated with the sale in accordance with the change in terms notices that will be sent to customers. After the sale is complete, First Community will provide members with opportunities to convert their accounts to First Community products if they desire.

Does First Community offer online and mobile banking and bill pay?

Yes. Online and mobile banking and bill pay is available to individuals and small businesses.

What affect will the sale have on access to my accounts?

You will continue to have access to your accounts. However, there will be changes and action required by accountholders. First Community and Umpqua Bank are working together to minimize disruptions. Much of that work is in preparation for the data conversion of account and loan records.

First Community will send consumer accountholders a complimentary box of checks. A credit will be available for a replacement check order for business customers. All customers will receive replacement debit cards. Access to First Community’s online banking and mobile banking will also be facilitated. Communicating with accountholders to make changes to their electronic deposits and withdrawals will be high priority during the process. Automated Clearing House (i.e. Direct Deposit, etc.) transactions and checks initiated prior to the sale will continue to process for 60 days after the sale, to minimize account disruptions.

Does First Community offer mobile deposit?

Yes. Members may be approved to deposit checks using their smartphone or tablet through the First Community App.

Does First Community offer account and loan services to small businesses?

Yes. First Community serves small businesses of various sizes. The credit union serves nearly every industry in Oregon and specializes in personalized loan and deposit services.

Will my safe deposit box change?

No. All safe deposit boxes will remain in place.

How can I contact First Community?

All local branch phone numbers will remain the same after the sale. You may also contact us here, or call us at (833) 920-1080, a dedicated line for Umpqua Bank customers.