Umpqua Holdings (Nasdaq: UMPQ) in Portland, Ore., has agreed to buy Sterling Financial Corp. (Nasdaq: STSA) in Spokane, Wash.

Umpqua will pay about $2 billion in cash and stock, of $30.52 a share, for the $9.9 billion-asset Sterling, the companies announced late Wednesday. Umpqua will have $22 billion in assets, $15 billion in loans and nearly 400 branches when it completes the acquisition in the first half of next year.

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