Umpqua Holdings Corporation (NASDAQ:UMPQ) Files An 8-K Changes in Registrant’s Certifying AccountantItem 4.01.
Changes in Registrant’s Certifying Accountant.
The Audit and Compliance Committee of the Board of Directors (“Committee”) of Umpqua Holdings Corporation (the “Company”) conducted a competitive process to determine the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2018. The Committee invited several independent registered public accounting firms to participate in this process, including Moss Adams LLP, which audited the Company’s financial statements for the fiscal year ended December 31, 2017.
(a)(b)On May 30, 2018, the Committee approved the selection of Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2018. On May 30, 2018, the Committee dismissed Moss Adams LLP as the Company’s independent registered public accounting firm.
The reports of Moss Adams LLP on the Company’s financial statements for each of the two fiscal years ended December 31, 2016 and 2017 did not contain an adverse opinion or a disclaimer of opinion, nor were the reports on the Company’s financial statements qualified or modified as to uncertainty, audit scope or accounting principles. In the fiscal years ended December 31, 2016 and 2017 and in the subsequent interim period through May 29, 2018, there were no “disagreements” (as that term is described in Item 304(a)(1)(iv) of Regulation S-K) between the Company and Moss Adams LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which, if not resolved to the satisfaction of Moss Adams LLP, would have caused Moss Adams LLP to make reference to the subject matter of the disagreement in connection with its report on the Company’s financial statements for such years. In the fiscal years ended December 31, 2016 and 2017 and in the subsequent interim period through May 29, 2018, there were no “reportable events” (as that term is described in Item 304(a)(1)(v) of Regulation S-K).
The Company provided Moss Adams LLP with a copy of the disclosures contained in this Form 8-K and requested that Moss Adams LLP furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether it agrees with the statements contained herein. A copy of Moss Adams LLP’s letter, dated June 1, 2018, is filed as Exhibit 16.1 to this Form 8-K.
During the fiscal years ended December 31, 2016 and 2017 and the subsequent interim period through May 30, 2018, neither the Company nor anyone on its behalf consulted with Deloitte with respect to (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, and neither a written report nor oral advice was provided to the Company that Deloitte concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was either the subject of a disagreement or a reportable event.
Item 9.01.Financial Statements and Exhibits.
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(d) |
The following exhibit is filed with this Current Report: |
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Exhibit No. |
Description |
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Letter from Moss Adams LLP dated June 1, 2018 |
UMPQUA HOLDINGS CORP ExhibitEX-16.1 2 umpqexhibit161auditor.htm LETTER FROM MOSS ADAMS LLP DATED JUNE 1,…To view the full exhibit click here
About Umpqua Holdings Corporation (NASDAQ:UMPQ)
Umpqua Holdings Corporation is a financial holding company. The Company’s principal operating subsidiaries include Umpqua Bank (the Bank) and Umpqua Investments, Inc. (Umpqua Investments). It operates through two segments: Community Banking and Home Lending. The Community Banking segment’s principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas. The Community Banking segment operates over 380 locations throughout Oregon, California, Washington, Idaho and Nevada. The Home Lending segment, which operates as a division of the Bank, originates, sells and services residential mortgage loans. The Company, through Umpqua Bank, provides a range of banking, wealth management, mortgage banking and other financial services to corporate, institutional and individual customers. The Company, through Umpqua Investments, engages in the retail brokerage business.
