Oregon-based Umpqua Private Bank, a newly formed division of Umpqua Bank, has opened its doors to the high net worth residents of the city of Portland and its environs.

Umpqua Private Bank is part of Umpqua's broader wealth management expansion initiative, which began in late 2008 and is led by Kelly Johnson, executive vice president of wealth management.

Umpqua Bank announced the formation of its private bank in August, along with the appointment of Donnna Huntsman as senior vice president and manager of private banking to lead the new subsidiary. More recently Jennifer Flickinger, a specialist in trust services joined from Wells Fargo’s private banking division.

"Umpqua Private Bank is Umpqua's response to market demand for a trusted, all-inclusive, local private banking and wealth management option. Now we're looking to grow our offerings by formally introducing the Umpqua experience to this segment of our market," said Mr Johnson.

Umpqua Private Bank serves clients with $3 million in net worth and $1 million in investable assets.