Umpqua Bank has snagged a former executive from City National Bank to lead the wealth management division.
As head of the division, Kent Grubaugh will oversee and expand the private banking and investment management services Umpqua offers to high-net-worth individuals and families, professional services firms and select non-profit organizations, the bank said in a recent press release.
At City National Bank, Grubaugh served as senior vice president and region manager for the bank's private banking group in Northern California, Reno and Minneapolis, a role he held for more than seven years.
Umpqua did not respond to email and telephone messages asking who held the position prior to Grubaugh.
The role was once held by Kelly Johnson, an executive who left the bank in July 2014, a few months after the bank completed its $2 billion acquisition of Sterling Financial. Johnson had been charged with setting up the wealth management division, including the private bank, which launched in August 2009.
Johnson now leads Private Client Services at Heartland Financial, a position he's held since August 2014, according to his LinkedIn profile.
"Umpqua has a strong retail and commercial banking presence in some of the west coast's fastest growing markets, and views wealth management as an important counterpart to a bank's commercial and corporate banking capabilities," Tory Nixon, Umpqua's head of commercial banking and wealth management, said in a statement.
Nixon acknowledged Grubaugh's experience working with high-net-worth individuals and families. "We'll be able to expand our private banking and investment offerings to augment our commercial and corporate banking expertise and create an integrated customer experience across all areas," he said.
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