short stories / By Ryan Burns

The Big Buy-in

(Nov. 13, 2008)  A couple of rings and then, in a chipper sing-song: “Thanks for calling The World’s Greatest Bank this is Tracy how may I direct your call?”

That’s how tellers at Umpqua Bank answer the phone, all earnest and frighteningly pert. Lots of companies force this kind of pathological sunniness on their workers, like those acid-trip circus costumes worn by embarrassed teenage girls squashing lemons at Hot Dog on a Stick.

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But here’s the craziest thing: At Umpqua Bank they seem to actually mean it. Of course, everyone has their bad days, so no doubt the slogan has been uttered through some gritted teeth. But on the whole, they say that shit with conviction.

“People think it’s silly,” admitted Carol Moorehead, vice president and loan agent — uh, make that “commercial relationship manager” — at the Eureka store. “I used to think it’s silly, but it’s true!” she chirped.

Yes, their locations are called “stores” not “branches.” Umpqua President and CEO Ray Davis says he’s in the retail service business, not banking. (And he hates it when reporters put “stores” in quotes.) His point is that banks are generic and boring while retailers — successful ones, anyway — are customer-focused and innovative. He designs his banks to be stores — cool stores where people hang out, drink coffee and maybe, after finishing their Sudoku, drop 50 grand into a 12-month CD at 2.1 percent.

When Davis took over the Canyonville, Ore.-based South Umpqua Bank in 1994, the company had six branches and assets of $140 million. Now based in Portland, Umpqua’s up to 148 branches and $8.3 billion in assets. Employees love their wages, their full health insurance and the 40 hours of paid time they get each year to volunteer in the community. Umpqua ranked 13th on Forbes‘ 2008 list of the 100 best companies to work for.

And here’s the kicker: This “regional community bank,” which is flourishing while industry giants drop like struck Goliaths, is about to receive $214 million in federal bailout money. It’s part of Treasury Secretary Henry Paulson’s plan to pump $250 billion into the nation’s banks — not the struggling ones (“Let ‘em die,” seems Paulson’s philosophy), but the healthy ones, the ones in a position to lend.

Davis was in town last week, droppin’ knowledge at the Wharfinger to 200 or so stockholders, customers and potential customers. As soon as this snowy-haired, smooth-talkin’ CEO took the podium it was clear that Umpqua’s company-wide ebullience emanates directly from him.

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