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<B><FONT size=2 face="serif"> 	As filed with the Securities and Exchange Commission on July
27, 2004</FONT></B><FONT size=2 face="serif"> </FONT><B><FONT size=2 face="serif">
<br>
Registration No. 333-114566</FONT></B><FONT face="serif">  </FONT></P>
<P align="center">
<FONT size=2 face="serif"> 	</FONT><B><FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B><FONT size=2 face="serif">  	</FONT><B><FONT size=2 face="serif">
<br>
WASHINGTON, D.C. 20549 </FONT></B></P>
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<FONT size=4 face="serif"> 	</FONT><B><FONT size=4 face="serif">POST EFFECTIVE AMENDMENT NO. 1
<br>
TO FORM S-4</FONT></B><FONT size=2 face="serif"> </FONT><B><FONT size=4 face="serif"> 	ON<br>
FORM S-8 <br>
REGISTRATION STATEMENT</FONT></B><FONT size=4 face="serif"> <br>
</FONT><B><FONT size=2 face="serif">UNDER THE SECURITIES ACT OF 1933</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif"> 	</FONT><FONT size=4 face="serif">UMPQUA HOLDINGS CORPORATION</FONT><FONT size=2 face="serif">
<br>
</FONT><B><FONT size=2 face="serif">(Exact name of registrant as specified in its charter)</FONT></B><FONT size=2 face="serif"> </FONT></P>
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<FONT size=2 face="serif">Oregon</FONT>&nbsp;
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<FONT size=2 face="serif">000-25597</FONT>&nbsp;
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<FONT size=2 face="serif">93-1261319</FONT>&nbsp;
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<FONT size=2 face="serif">(</FONT><B><FONT size=2 face="serif">State of Incorporation</FONT></B><FONT size=2 face="serif">)</FONT>&nbsp;
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<FONT size=2 face="serif">(</FONT><B><FONT size=2 face="serif">Primary Standard Industrial</FONT></B>&nbsp;
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<FONT size=2 face="serif">(</FONT><B><FONT size=2 face="serif">IRS Employer</FONT></B>&nbsp;
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<B><FONT size=2 face="serif">Classification Code Number</FONT></B><FONT size=2 face="serif">)</FONT>&nbsp;
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<B><FONT size=2 face="serif">Identification No.</FONT></B><FONT size=2 face="serif">)</FONT>&nbsp;
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">200 SW Market Street, Suite 1900, Portland, Oregon 97204
<br>
(503) 546-2499 <br>
(</FONT><B><FONT size=2 face="serif">Address of Principal Executive Offices and Telephone Number</FONT></B><FONT size=2
face="serif">) </FONT></P>
<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">California Independent Bancorp 1989 Amended and Restated Stock Option Plan
<br>
California Independent Bancorp 1996 Stock Option Plan <br>
California Independent Bancorp 2000 Equity Incentive Plan
<br>
Amended and Restated Humboldt Bancorp &amp; Subsidiaries 2001 Equity Incentive Plan
<br>
Amended Humboldt Bancorp Stock Option Plan <br>
(</FONT>&nbsp;<B><FONT size=2 face="serif">Full title of the plans</FONT></B><FONT size=2 face="serif">)</FONT><B><FONT size=2 face="serif"> </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">Raymond P. Davis <br>
President and Chief Executive Officer <br>
Umpqua Holdings Corporation <br>
200 SW Market Street, Suite 1900 <br>
Portland, Oregon 97201 <br>
(503) 546-2499 <br>
(</FONT><B><FONT size=2 face="serif">Name, Address and Telephone Number of Agent for Service</FONT></B><FONT size=2 face="serif">)  </FONT></P>
<P align="center">
<FONT size=2 face="serif">With a Copy to: <br>
Kenneth E. Roberts, Esq. <br>
Foster Pepper Tooze LLP <br>
601 SW Second Avenue, Suite 1800 <br>
Portland, Oregon 97204 <br>
(503) 221-0607  </FONT></P>


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<B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B>
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 &nbsp;</TD>
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<FONT size=2 face="serif">Title of Each Class of</FONT>&nbsp;
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<FONT size=2 face="serif">Amount to be Registered </FONT><FONT size=1 face="serif">(1)</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Proposed Maximum</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Proposed Maximum</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Amount of</FONT>&nbsp;
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<FONT size=2 face="serif">Securities to be Registered</FONT>&nbsp;
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&nbsp;
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 &nbsp;<FONT size=2 face="serif">Offering Price per Unit</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Aggregate Offering Price</FONT>&nbsp;
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 &nbsp;<FONT size=2 face="serif">Registration Fee</FONT>&nbsp;
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<I><FONT size=2 face="serif">Common Stock, no par</FONT></I>&nbsp;
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<FONT size=2 face="serif">51,091 </FONT><FONT size=1 face="serif">(3)</FONT></TD>
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 &nbsp;<FONT size=2 face="serif">N/A</FONT>&nbsp;





 <FONT size=1 face="serif">(2)</FONT></TD>
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 &nbsp;<FONT size=2 face="serif">N/A</FONT>&nbsp;





 <FONT size=1 face="serif">(2)</FONT></TD>
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 &nbsp;<FONT size=2 face="serif">N/A</FONT>&nbsp;





 <FONT size=1 face="serif">(2)</FONT></TD>
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<I><FONT size=2 face="serif">value</FONT></I>&nbsp;
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<FONT size=2 face="serif">69,387 </FONT><FONT size=1 face="serif">(4)</FONT>&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
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<FONT size=2 face="serif">60,757 </FONT><FONT size=1 face="serif">(5)</FONT>&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-right-style: solid; border-right-width: 1">
&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-right-style: solid; border-right-width: 1">
&nbsp;
	</TD>
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&nbsp;	</TD>
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&nbsp;
	</TD>
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&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
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<FONT size=2 face="serif">500,602 </FONT><FONT size=1 face="serif">(6)</FONT>&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-right-style: solid; border-right-width: 1">
&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-right-style: solid; border-right-width: 1">
&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
	<TD nowrap colspan=1>
&nbsp;
	</TD>
</TR>
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&nbsp;
	</TD>
	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
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<FONT size=2 face="serif">
<U>304,552</U> </FONT><FONT size=1 face="serif">(7)</FONT>&nbsp;
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&nbsp;	</TD>
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&nbsp;
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	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
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&nbsp;
	</TD>
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&nbsp;	</TD>
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&nbsp;
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</TR>
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&nbsp;
	</TD>
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<div style="border-bottom-style: double; border-bottom-width: 3">
<FONT size=2 face="serif">TOTAL <b>986,389</b>&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;
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	<TD nowrap colspan=1 style="border-right-style: solid; border-right-width: 1">
&nbsp;
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	<TD style="border-left-style: solid; border-left-width: 1">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-right-style: solid; border-right-width: 1">
&nbsp;
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&nbsp;
	</TD>
</TR>
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&nbsp;</TD>
	<TD style="border-left-style: solid; border-left-width: 1; border-bottom-style: double; border-bottom-width: 3">
	</TD>
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&nbsp;</TD>
	<TD style="border-left-style: solid; border-left-width: 1; border-bottom-style: double; border-bottom-width: 3">
	</TD>
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&nbsp;</TD>
	<TD style="border-left-style: solid; border-left-width: 1; border-bottom-style: double; border-bottom-width: 3">
	</TD>
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&nbsp;</TD>
	<TD style="border-left-style: solid; border-left-width: 1; border-bottom-style: double; border-bottom-width: 3">
	</TD>
	<TD style="border-bottom-style: double; border-bottom-width: 3">
&nbsp;</TD>
</TR>
</TABLE>
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&nbsp;<FONT size=2 face="serif">(1)</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Umpqua Holdings Corporation originally registered 16,412,308 shares of its common stock on the Registration Statement on Form S-4 to which this post-effective amendment relates. Umpqua issued approximately 15,491,327 shares
to shareholders of Humboldt Bancorp in exchange for shares of Humboldt common stock.</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(2)</FONT>&nbsp; 	</TD>
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<FONT size=2 face="serif">Umpqua paid all filing fees payable in connection with the registration of these securities with the filing of the Registration Statement on Form S-4 filed on April 19, 2004, amended May 18, 2004, and declared effective May
20, 2004.</FONT>	</TD>
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&nbsp;<FONT size=2 face="serif">(3)</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Approximate number of shares subject to options outstanding under the California Independent Bancorp 1989 Amended and Restated Stock Option Plan.</FONT>	</TD>
</TR>
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&nbsp;<FONT size=2 face="serif">(4)</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Approximate number of shares subject to options outstanding under the California Independent Bancorp 1996 Stock Option Plan.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;<FONT size=2 face="serif">(5)</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Approximate number of shares subject to options outstanding under the California Independent Bancorp 2000 Equity Incentive Plan.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;<FONT size=2 face="serif">(6)</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Approximate number of shares subject to options outstanding under the Amended Humboldt Bancorp Stock Option Plan.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;<FONT size=2 face="serif">(7)</FONT>&nbsp; 	</TD>
	<TD colspan=1>
<FONT size=2 face="serif">Approximate number of shares subject to options outstanding and restricted stock awards issued under the Amended and Restated Humboldt Bancorp &amp; Subsidiaries 2001 Equity Incentive Plan.</FONT>	</TD>
</TR>
</TABLE>

<p>&nbsp;</p>

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<B><FONT size=2 face="serif">INTRODUCTORY STATEMENT</FONT></B><FONT size=2 face="serif"> </FONT></P>
<P>
<FONT size=2 face="serif"> 	On July 9, 2004, Humboldt Bancorp merged with and into Umpqua Holdings Corporation, with Umpqua the surviving corporation. As a result of the merger, each outstanding share of Humboldt common stock was converted into the
right to receive one share of Umpqua common stock.</FONT></P>
<P>
<FONT size=2 face="serif"> 	Each outstanding option and stock award issued pursuant to the California Independent Bancorp 1989 Amended and Restated Stock Option Plan, California Independent Bancorp 1996 Stock Option Plan, California Independent
Bancorp 2000 Equity Incentive Plan, Amended and Restated Humboldt Bancorp &amp; Subsidiaries 2001 Equity Incentive Plan and Amended Humboldt Bancorp Stock Option Plan is no longer exercisable for shares of Humboldt common stock, but instead,
constitutes an option to acquire, on the same terms and conditions as were applicable under such option immediately prior to consummation of the merger, that number of shares of Umpqua common stock equal to the product of the number of shares of
Umpqua common stock for which such option was exercisable and one. The exercise price for each option shall be equal to the exercise price per share for such option immediately prior to the effective time of the merger. </FONT></P>
<P>
<FONT size=2 face="serif"> 	The purpose of this post-effective amendment is to register on Form S-8 shares of Umpqua common stock previously registered on Form S-4 that will be issued pursuant to the exercise of options originally granted under the
California Independent Bancorp 1989 Amended and Restated Stock Option Plan, California Independent Bancorp 1996 Stock Option Plan, California Independent Bancorp 2000 Equity Incentive Plan, Amended and Restated Humboldt Bancorp &amp; Subsidiaries
2001 Equity Incentive Plan and Amended Humboldt Bancorp Stock Option Plan. Umpqua assumed the obligations of Humboldt under each of the plans. </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">PART II </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">INFORMATION NOT REQUIRED IN PROSPECTUS </FONT></B></P>
<P>
<B><FONT size=2 face="serif">Item 3. Incorporation of Documents by Reference. </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following documents are incorporated by reference in this registration statement  	</FONT></P>
<blockquote>
<P>
<FONT size=2 face="serif">(a) Umpqua's annual report on Form 10-K for the year ended December 31, 2003. </FONT></P>
<P>
<FONT size=2 face="serif">(b) Umpqua's quarterly
report on Form 10-Q for the quarter ended March 31, 2004 and Umpqua's current reports on Form 8-K filed pursuant to Section 13(a) of the Securities Exchange Act of 1934 since December 31, 2003. </FONT></P>
<P>
<FONT size=2 face="serif">(c)</FONT><FONT size=2 face="sans-serif"> 	</FONT><FONT size=2 face="serif">The description of the registrant's common stock contained in the registrant's registration statement on Form S-4/A dated May 18, 2004 and declared
effective May 20, 2004. </FONT></P>
</blockquote>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in the registration statement and to be part thereof from the date of filing of
such documents. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 4. Description of Securities. </FONT></B></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not applicable. </FONT></P>

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<P>
<B><FONT size=2 face="serif">Item 5. Interests of Named Experts and Counsel. </FONT></B></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Foster Pepper Tooze LLP, special counsel to the registrant, is passing upon the validity of the common stock being registered. A partner of Foster Pepper Tooze LLP owns approximately 33,000 shares of common stock. Other
attorneys in such law firm own shares of the registrant, but such shares are immaterial in amount. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 6. Indemnification of Directors and Officers. </FONT></B></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">As an Oregon corporation, Umpqua is subject to the provisions of the Oregon Business Corporation Act (the "OBCA"). The OBCA permits a corporation to indemnify an individual who is made a party to a proceeding because such
individual is or was a director of the corporation against liability incurred in the proceeding if: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">His or her conduct was in good faith;</FONT></LI>
<LI>
<FONT size=2 face="serif">He or she reasonably believed that his or her conduct was in the corporation's best interest, or at least not opposed to the corporation's best interests; and</FONT></LI>
<LI>
<FONT size=2 face="serif">In the case of a criminal proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful.</FONT></LI>
</UL>
<P>
<FONT size=2 face="serif">Unless a corporation's articles of incorporation provide otherwise, indemnification is mandatory if the director is wholly successful on the merits or otherwise in such a proceeding, or if a court of competent jurisdiction
orders the corporation to indemnify the director. Umpqua's articles of incorporation do not limit the statutory right to indemnification. </FONT></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the OBCA, a corporation may not, however, indemnify the individual if the individual was adjudged liable: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">to the corporation in a proceeding by or in the right of the corporation; or</FONT></LI>
<LI>
<FONT size=2 face="serif">in any proceeding charging improper personal benefit on the basis that he or she improperly received a personal benefit.</FONT></LI>
</UL>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The OBCA also provides that a corporation's articles of incorporation may limit or eliminate the personal liability of a director to the corporation or its shareholders for monetary damages for conduct as a director,
provided that no such provision shall eliminate the liability of a director for: </FONT></P>
<UL>
<LI>
<FONT size=2 face="serif">any breach of the directors' duty of loyalty to the corporation or its shareholders;</FONT></LI>
<LI>
<FONT size=2 face="serif">acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</FONT></LI>
<LI>
<FONT size=2 face="serif">any unlawful distribution; or</FONT></LI>
<LI>
<FONT size=2 face="serif">any transaction from which the director derived an improper personal benefit.</FONT></LI>
</UL>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Umpqua's articles of incorporation provide that we will indemnify our directors and officers against reasonable expenses (including attorney fees), judgments, fines, penalties, excise taxes or settlement payments incurred
or suffered by reason of service as a director or officer or at Umpqua's request as a director, officer, partner or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.</FONT></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Umpqua's articles of incorporation limit monetary liability of our directors for their conduct as directors to the fullest extent permitted under the OBCA. If the OBCA is amended to further limit the directors' liability,
Umpqua's articles would incorporate such amendment on its effective date.</FONT></P>

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<A name="page_5"></A>

<P>
<B><FONT size=2 face="serif">Item 7. Exemption from Registration Claimed. </FONT></B></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Not applicable. </FONT></P>
<P>
<B><FONT size=2 face="serif">Item 8. Exhibits. </FONT></B></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The exhibits required by Item 601 of Regulation S-K filed herewith or incorporated by reference are as follows:</FONT></P>
<P>





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Exhibits</FONT></B></P>
<div align="left">
<TABLE border=0 cellspacing=0 cellpadding=0 width="750" style="border-collapse: collapse" bordercolor="#111111">
<TR>
	<TD width = 15>
	&nbsp;</TD>
	<TD width = 33>
	</TD>
	<TD width = 10>
	</TD>
	<TD width = 501>
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">4.1</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">California Independent Bancorp 1989 Amended and Restated Stock Option Plan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">(incorporated by reference to Exhibit 4.1 to Humboldt Bancorp's Registration Statement</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">on Form S-8 (No. 333-111774) filed January 8, 2004)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">4.2</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">California Independent Bancorp 1996 Stock Option Plan (incorporated by reference to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Exhibit 4.2 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">111774) filed January 8, 2004)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">4.3</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">California Independent Bancorp 2000 Equity Incentive Plan (incorporated by reference to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Exhibit 4.3 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">111774) filed January 8, 2004)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">4.4</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Amended and Restated Humboldt Bancorp &amp; Subsidiaries 2001 Equity Incentive Plan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">(incorporated by reference to Exhibit B to Humboldt Bancorp's Definitive Proxy</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Statement for its Annual Shareholders' Meeting held on May 15, 2003, filed on April 10,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">2003 (File No. 000-27784; Film No. 03646003))</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">4.5</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Amended Humboldt Bancorp Stock Option Plan (incorporated by reference to Exhibit</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">10.12 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-65317) filed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">October 5, 1998)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">5.1</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Opinion of Foster Pepper Tooze LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">23.1</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of Deloitte &amp; Touche LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">23.2</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of Foster Pepper Tooze LLP (Included in Exhibit 5.1)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
<FONT size=2 face="serif">24</FONT>&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Power of Attorney (contained on signature page to Umpqua's registration statement on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">Form S-4 filed April 19, 2004, to which this post-effective amendment on Form S-8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="33">
&nbsp;
	</TD>
	<TD width="10">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="501">
 &nbsp; &nbsp;<FONT size=2 face="serif">relates)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<BR>
<P>
<B><FONT size=2 face="serif">Item 9. Undertakings </FONT></B></P>
<P>









&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The undersigned registrant hereby undertakes:</FONT></P>
<blockquote>
<P>
<FONT size=2 face="serif"> (1)	To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</FONT></P>
<P>
<FONT size=2 face="serif"> 	(2)	That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>
<P>
<FONT size=2 face="serif"> 	(3)	To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P>

</blockquote>

<HR noshade align="center" width="100%" size=2>


<A name="page_6"></A>

<P>









&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>
<P>









&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the registrant pursuant to the foregoing provisions, the registrant has been
advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than
payment by the registrant of expenses incurred or paid by a director, officer or controlling person of such registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>
<P align="center">
<B><FONT size=2 face="serif">SIGNATURES </FONT></B></P>
<P>









&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act, the registrant has duly caused this Post-Effective Amendment No. 1 on Form S-8 to the registrant's registration statement on Form S-4 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Portland, State of Oregon, on July 21, 2004. </FONT></P>
<div align="left">
<TABLE border=0 cellspacing=0 cellpadding=0 width="750" style="border-collapse: collapse" bordercolor="#111111">
<TR>
	<TD width = 100%>
	&nbsp;</TD>
	<TD width = 100%>
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap>
&nbsp;</TD>
	<TD nowrap colspan=1>
<FONT size=2 face="serif">UMPQUA HOLDINGS CORPORATION</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
	<TD colspan = 1>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;</TD>
	<TD colspan = 1>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap>
&nbsp;</TD>
	<TD nowrap colspan=1>
<FONT size=2 face="serif">By: <u>/s/ Raymond P. Davis</u></FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap>
&nbsp;</TD>
	<TD nowrap colspan=1>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond P. Davis</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap>
&nbsp;</TD>
	<TD nowrap colspan=1>
<FONT size=2 face="serif">





&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
</div>
<BR>
<P>













&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Act of 1933, Post-Effective Amendment No. 1 on Form S-8 to this Registration Statement on Form S-4 has been signed by the following persons in the capacities and on the dates
indicated. </FONT></P>
<div align="left">
<TABLE border=0 cellspacing=0 cellpadding=0 width="750" style="border-collapse: collapse" bordercolor="#111111">
<TR>
	<TD width = 45>
	</TD>
	<TD width = 15>
	</TD>
	<TD>
	</TD>
	<TD width = 15>
	</TD>
	<TD width = 281>
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="45">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-bottom-style: solid; border-bottom-width: 1">
 <FONT size=2 face="serif">/s/ Allyn C. Ford</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="281">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="45">
&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1">
 <FONT size=2 face="serif">Allyn C. Ford, Director</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="281">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan = 5 width="750">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="45">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-bottom-style: solid; border-bottom-width: 1">
 <FONT size=2 face="serif">/s/ Lynn Herbert</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="281">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="45">
&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1">
 <FONT size=2 face="serif">Lynn K. Herbert, Director</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="281">
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan = 5 width="750">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 align=right width="45">
<FONT size=2 face="serif">By:</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-bottom-style: solid; border-bottom-width: 1">
 <FONT size=2 face="serif">/s/ David B. Frohnmayer</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 align=right width="281">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="45">
&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
 <FONT size=2 face="serif">David B. Frohnmayer, Director</FONT>&nbsp;
	</TD>
	<TD width="15">
&nbsp;	</TD>
	<TD nowrap colspan=1 width="281">
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="45">
&nbsp;</TD>
	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-style: none; border-width: medium">
 &nbsp;</TD>
	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD nowrap colspan=1 width="281">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1 width="45">
&nbsp;</TD>
	<TD width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 style="border-top-style: none; border-top-width: medium">
 &nbsp;</TD>
	<TD width="15">
&nbsp;</TD>
	<TD nowrap colspan=1 width="281">
&nbsp;</TD>
</TR>
</TABLE>
</div>
<BR>

<HR noshade align="center" width="100%" size=2>


<A name="page_7"></A>

<BR>

<TABLE border=0 cellspacing=0 cellpadding=0 width="750" style="border-collapse: collapse" bordercolor="#111111">
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Dan Giustina</font></TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>




</TR>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Dan Giustina, Director</FONT>&nbsp;




	</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Scott Chambers</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Scott Chambers, Director</FONT>&nbsp;




	</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Diana Goldschmidt</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Diana Goldschmidt, Director</FONT>&nbsp;




	</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ James D. Coleman</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">James D. Coleman, Director</FONT>&nbsp;




	</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ William Lansing</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">William Lansing, Director</FONT>&nbsp;




	</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July ____, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-style: none; border-width: medium" width="175">
 <font size="2">Theodore S. Mason, Director</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Ronald F. Angell</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Ronald F. Angell,&nbsp; Director</FONT>&nbsp;




	</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>









	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Diane Miller</font></TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>








</tr>
<tr>









	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

















	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

















	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Diane Miller, Director</FONT>&nbsp;




	</TD>

















	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

















	<TD nowrap colspan=1 width="281">
&nbsp;</TD>








</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>









	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>













	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

























	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

























	<TD nowrap style="border-style: none; border-width: medium" width="175">
 &nbsp;</TD>

























	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

























	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July ____, 2004</FONT>&nbsp;




	</TD>












</tr>
<tr>













	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

























	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

























	<TD nowrap style="border-style: none; border-width: medium" width="175">
 <font size="2">Thomas Weborg, Director</font></TD>

























	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

























	<TD nowrap colspan=1 width="281">
&nbsp;</TD>












</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap style="border-top-style: none; border-top-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>













	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

























	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

























	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Raymond P. Davis</font></TD>

























	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

























	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>












</tr>
<tr>













	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

























	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

























	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Raymond P. Davis, Director</FONT><FONT face="serif">,</FONT></TD>

























	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

























	<TD nowrap colspan=1 width="281">
&nbsp;</TD>












</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap style="border-top-style: none; border-top-width: medium" width="175">
 <font size="2">Chief Executive Officer/President</font></TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap style="border-top-style: none; border-top-width: medium" width="175">
 &nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<tr>













	<TD nowrap colspan=1 width="45">





<p align="right">
<FONT size=2 face="serif">By:</FONT>&nbsp;</TD>

























	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

























	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="175">
 <font size="2">/s/ Daniel A. Sullivan</font></TD>

























	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

























	<TD nowrap colspan=1 width="281">





<p align="right">
<FONT size=2 face="serif">Date: July 21, 2004</FONT>&nbsp;




	</TD>












</tr>
<tr>













	<TD nowrap colspan=1 width="45">
&nbsp;</TD>

























	<TD width="15" style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>

























	<TD nowrap style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" width="175">





 <FONT size=2 face="serif">Daniel A. Sullivan</FONT><FONT face="serif">,
 <font size="2">Executive Vice President</font></FONT></TD>

























	<TD width="15" style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>

























	<TD nowrap colspan=1 width="281">
&nbsp;</TD>












</tr>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap style="border-top-style: none; border-top-width: medium" width="175">
 <font size="2">Chief Financial Officer</font></TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
<TR valign="bottom">





	<TD nowrap colspan=1 width="45">
&nbsp;</TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap style="border-top-style: none; border-top-width: medium" width="175">
 <font size="2">Principal Accounting Officer</font></TD>









	<TD width="15">
&nbsp;</TD>









	<TD nowrap colspan=1 width="281">
&nbsp;</TD>




</TR>
</TABLE>

<HR noshade align="center" width="100%" size=2>


<A name="page_8"></A>

<P align="center">
<B><FONT size=2 face="serif">EXHIBIT INDEX</FONT></B></P>

<P>
<B><FONT size=2 face="serif">&nbsp;Exhibits</FONT></B></P>
<TABLE border=0 cellspacing=1 cellpadding=0>
<TR>
	<TD width = 6%>
	</TD>
	<TD width = 2%>
	</TD>
	<TD width = 91%>
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">California Independent Bancorp 1989 Amended and Restated Stock Option Plan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">(incorporated by reference to Exhibit 4.1 to Humboldt Bancorp's Registration Statement</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">on Form S-8 (No. 333-111774) filed January 8, 2004)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.2</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">California Independent Bancorp 1996 Stock Option Plan (incorporated by reference to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Exhibit 4.2 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">111774) filed January 8, 2004)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.3</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">California Independent Bancorp 2000 Equity Incentive Plan (incorporated by reference to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Exhibit 4.3 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">111774) filed January 8, 2004)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.4</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Amended and Restated Humboldt Bancorp &amp; Subsidiaries 2001 Equity Incentive Plan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">(incorporated by reference to Exhibit B to Humboldt Bancorp's Definitive Proxy</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Statement for its Annual Shareholders' Meeting held on May 15, 2003, filed on April 10,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">2003 (File No. 000-27784; Film No. 03646003))</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">4.5</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Amended Humboldt Bancorp Stock Option Plan (incorporated by reference to Exhibit</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">10.12 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-65317) filed</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">October 5, 1998)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">5.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Opinion of Foster Pepper Tooze LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">23.1</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of Deloitte &amp; Touche LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">23.2</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Consent of Foster Pepper Tooze LLP (Included in Exhibit 5.1)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
<FONT size=2 face="serif">24</FONT>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Power of Attorney (contained on signature page to Umpqua's registration statement on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">Form S-4 filed April 19, 2004, to which this post-effective amendment on Form S-8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=1>
&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD nowrap colspan=1>
 &nbsp; &nbsp;<FONT size=2 face="serif">relates)</FONT>&nbsp;
	</TD>
</TR>
</TABLE><BR>

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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 5.1 </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">[LETTERHEAD OF DELOITTE &amp; TOUCHE LLP] </FONT></P>
<P>
<B><FONT size=2 face="serif">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P>
<FONT size=2 face="serif">We consent to the incorporation by reference in this Post Effective Amendment No.1 to Form S-4 on Registration Statement No. 333-114566 of Umpqua Holdings Corporation on Form S-8 of our report dated February 27, 2004,
appearing in the Annual Report on Form 10-K of Umpqua Holdings Corporation for the year ended December 31, 2003. </FONT></P>
<P>
<FONT size=2 face="serif">/s/ Deloitte &amp; Touche LLP </FONT></P>
<P>
<FONT size=2 face="serif">Portland, Oregon<br>
&nbsp;July 22, 2004 </FONT></P>

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<A name="page_10"></A>

<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 23.1 </FONT></B></P>
<P align="center">
<FONT face="serif"> 	[LETTERHEAD OF FOSTER PEPPER TOOZE LLP] </FONT></P>
<P align="center">
<FONT face="serif"> 	July 26, 2004 </FONT></P>
<P>
<FONT face="serif">Board of Directors <br>
Umpqua Holdings Corporation <br>
200 SW Market Street, Suite 1900 <br>
Portland, Oregon 97201 </FONT></P>
<blockquote>
  <blockquote>
<P>
<FONT face="serif">Re: Merger with Humboldt Bancorp </FONT></P>
  </blockquote>
</blockquote>
<P>
<FONT face="serif">Ladies and Gentlemen: </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	This firm has acted as counsel to Umpqua Holdings Corporation in connection with a merger (the "Merger") in which Humboldt Bancorp was merged with and into Umpqua Holdings Corporation (the "Company") pursuant to an Agreement and
Plan of Reorganization dated March 13, 2004, and an accompanying Plan of Merger (together, the "Plan"), and in connection with the preparation and filing of: </FONT></P>
<ul>
  <li>
<FONT face="sans-serif">  </FONT><FONT face="sans-serif"> </FONT><FONT face="serif">the Company's Registration Statement on Form S-4 (File No. 333-114566) filed with the Securities and Exchange Commission covering shares of Company common stock to
be issued in the Merger (as amended, the "Registration Statement"); and </FONT>
  </li>
</ul>
<ul>
  <li>
<FONT face="sans-serif">  </FONT><FONT face="sans-serif"> </FONT><FONT face="serif">Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 (the "Amendment") covering the shares of Company common stock (the "Shares") to be issued
upon the exercise after the Merger of options originally issued by Humboldt Bancorp and California Independent Bancorp in accordance with the terms of the California Independent Bancorp 1989 Amended and Restated Stock Option Plan, California
Independent Bancorp 1996 Stock Option Plan, California Independent Bancorp 2000 Equity Incentive Plan, Amended and Restated Humboldt Bancorp &amp; Subsidiaries 2001 Equity Incentive Plan and Amended Humboldt Bancorp Stock Option Plan (the "Plans"),
and the agreements governing such options. </FONT></li>
</ul>
<P>
<FONT face="serif">Capitalized terms not otherwise specifically defined herein have the meanings given them in the Plans.</FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	In the course of our representation we have examined the Registration Statement including the Amendment, the Plans, copies of the Articles of Incorporation, Bylaws, and excerpts of minutes of meetings of the Boards of Directors
of the Company and Humboldt Bancorp. We have also received from officers of the Company certain other documents, corporate records, certificates and representations concerning factual matters. We have reviewed such documents and certificates, made
such inquiries of public officials, and made such review of laws as we consider necessary for purposes of this opinion. We have relied as to matters of fact upon the above documents and investigation. We have assumed without investigation the
genuineness of all signatures, the authenticity and completeness of all documents submitted to us as originals and the conformity to authentic and complete original documents of all documents submitted to us as certified or photostatic copies.</FONT></P>





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<P>
&nbsp;</P>

<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	Based upon the foregoing and subject to the qualifications and exceptions heretofore and hereinafter set forth, we are of the opinion that the Shares have been duly authorized by the Company, and, that provided that the
Registration Statement remains effective, such state and other securities laws as may be applicable have been complied with, and the Company has issued the Shares in the manner provided in the Plans and as described in the Registration Statement,
the Shares will be validly issued, fully paid and non-assessable. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	This opinion is limited to the laws of the State of Oregon and applicable federal laws of the United States of America, and to the facts bearing on this opinion as they exist on the date of this letter. We disclaim any
obligation to review or supplement this opinion or to advise you of any changes in the circumstances, laws or events that may occur after this date or otherwise update this opinion. </FONT></P>
<P>
<FONT face="serif"> 	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 	We consent to the use of this opinion as an exhibit to the Registration Statement.  In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Act or the
General Rules and Regulations of the Securities and Exchange Commission. </FONT></P>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
          <blockquote>
            <blockquote>
              <blockquote>
                <blockquote>
<P>
<FONT face="serif">Very truly yours, </FONT></P>
<P>
<FONT face="serif">FOSTER PEPPER TOOZE LLP</FONT><FONT size=2 face="serif"> </FONT></P>

</blockquote>
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{"company-data": {"conformed-name": "UMPQUA HOLDINGS CORP", "cik": "0001077771", "assigned-sic": "6035", "irs-number": "931261319", "state-of-incorporation": "OR", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-117680", "film-number": "04931918"}, "business-address": {"street1": "200 SW MARKET STREET", "street2": "SUITE 1900", "city": "PORTLAND", "state": "OR", "zip": "97201", "phone": "503-546-2495"}, "mail-address": {"street1": "UMPQUA HOLDINGS CORP", "street2": "200 SW MARKET STREET SUITE 1900", "city": "PORTLAND", "state": "OR", "zip": "97201"}}
umpquaforms4a072604
As filed with the Securities and Exchange Commission on July
27, 2004
Registration No. 333-114566
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST EFFECTIVE AMENDMENT NO. 1
TO FORM S-4
ON
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
UMPQUA HOLDINGS CORPORATION
(Exact name of registrant as specified in its charter)
Oregon
000-25597
93-1261319
(
State of Incorporation
)
(
Primary Standard Industrial
(
IRS Employer
Classification Code Number
)
Identification No.
)
200 SW Market Street, Suite 1900, Portland, Oregon 97204
(503) 546-2499
(
Address of Principal Executive Offices and Telephone Number
)
California Independent Bancorp 1989 Amended and Restated Stock Option Plan
California Independent Bancorp 1996 Stock Option Plan
California Independent Bancorp 2000 Equity Incentive Plan
Amended and Restated Humboldt Bancorp & Subsidiaries 2001 Equity Incentive Plan
Amended Humboldt Bancorp Stock Option Plan
(
Full title of the plans
)
Raymond P. Davis
President and Chief Executive Officer
Umpqua Holdings Corporation
200 SW Market Street, Suite 1900
Portland, Oregon 97201
(503) 546-2499
(
Name, Address and Telephone Number of Agent for Service
)
With a Copy to:
Kenneth E. Roberts, Esq.
Foster Pepper Tooze LLP
601 SW Second Avenue, Suite 1800
Portland, Oregon 97204
(503) 221-0607
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Amount to be Registered
(1)
Proposed Maximum
Proposed Maximum
Amount of
Securities to be Registered
Offering Price per Unit
Aggregate Offering Price
Registration Fee
Common Stock, no par
51,091
(3)
N/A
(2)
N/A
(2)
N/A
(2)
value
69,387
(4)
60,757
(5)
500,602
(6)
304,552
(7)
TOTAL
986,389
(1)
Umpqua Holdings Corporation originally registered 16,412,308 shares of its common stock on the Registration Statement on Form S-4 to which this post-effective amendment relates. Umpqua issued approximately 15,491,327 shares
to shareholders of Humboldt Bancorp in exchange for shares of Humboldt common stock.
(2)
Umpqua paid all filing fees payable in connection with the registration of these securities with the filing of the Registration Statement on Form S-4 filed on April 19, 2004, amended May 18, 2004, and declared effective May
20, 2004.
(3)
Approximate number of shares subject to options outstanding under the California Independent Bancorp 1989 Amended and Restated Stock Option Plan.
(4)
Approximate number of shares subject to options outstanding under the California Independent Bancorp 1996 Stock Option Plan.
(5)
Approximate number of shares subject to options outstanding under the California Independent Bancorp 2000 Equity Incentive Plan.
(6)
Approximate number of shares subject to options outstanding under the Amended Humboldt Bancorp Stock Option Plan.
(7)
Approximate number of shares subject to options outstanding and restricted stock awards issued under the Amended and Restated Humboldt Bancorp & Subsidiaries 2001 Equity Incentive Plan.
INTRODUCTORY STATEMENT
On July 9, 2004, Humboldt Bancorp merged with and into Umpqua Holdings Corporation, with Umpqua the surviving corporation. As a result of the merger, each outstanding share of Humboldt common stock was converted into the
right to receive one share of Umpqua common stock.
Each outstanding option and stock award issued pursuant to the California Independent Bancorp 1989 Amended and Restated Stock Option Plan, California Independent Bancorp 1996 Stock Option Plan, California Independent
Bancorp 2000 Equity Incentive Plan, Amended and Restated Humboldt Bancorp & Subsidiaries 2001 Equity Incentive Plan and Amended Humboldt Bancorp Stock Option Plan is no longer exercisable for shares of Humboldt common stock, but instead,
constitutes an option to acquire, on the same terms and conditions as were applicable under such option immediately prior to consummation of the merger, that number of shares of Umpqua common stock equal to the product of the number of shares of
Umpqua common stock for which such option was exercisable and one. The exercise price for each option shall be equal to the exercise price per share for such option immediately prior to the effective time of the merger.
The purpose of this post-effective amendment is to register on Form S-8 shares of Umpqua common stock previously registered on Form S-4 that will be issued pursuant to the exercise of options originally granted under the
California Independent Bancorp 1989 Amended and Restated Stock Option Plan, California Independent Bancorp 1996 Stock Option Plan, California Independent Bancorp 2000 Equity Incentive Plan, Amended and Restated Humboldt Bancorp & Subsidiaries
2001 Equity Incentive Plan and Amended Humboldt Bancorp Stock Option Plan. Umpqua assumed the obligations of Humboldt under each of the plans.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated by reference in this registration statement
(a) Umpqua's annual report on Form 10-K for the year ended December 31, 2003.
(b) Umpqua's quarterly
report on Form 10-Q for the quarter ended March 31, 2004 and Umpqua's current reports on Form 8-K filed pursuant to Section 13(a) of the Securities Exchange Act of 1934 since December 31, 2003.
(c)
The description of the registrant's common stock contained in the registrant's registration statement on Form S-4/A dated May 18, 2004 and declared
effective May 20, 2004.
All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment
which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in the registration statement and to be part thereof from the date of filing of
such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Foster Pepper Tooze LLP, special counsel to the registrant, is passing upon the validity of the common stock being registered. A partner of Foster Pepper Tooze LLP owns approximately 33,000 shares of common stock. Other
attorneys in such law firm own shares of the registrant, but such shares are immaterial in amount.
Item 6. Indemnification of Directors and Officers.
As an Oregon corporation, Umpqua is subject to the provisions of the Oregon Business Corporation Act (the "OBCA"). The OBCA permits a corporation to indemnify an individual who is made a party to a proceeding because such
individual is or was a director of the corporation against liability incurred in the proceeding if:
His or her conduct was in good faith;
He or she reasonably believed that his or her conduct was in the corporation's best interest, or at least not opposed to the corporation's best interests; and
In the case of a criminal proceeding, he or she had no reasonable cause to believe his or her conduct was unlawful.
Unless a corporation's articles of incorporation provide otherwise, indemnification is mandatory if the director is wholly successful on the merits or otherwise in such a proceeding, or if a court of competent jurisdiction
orders the corporation to indemnify the director. Umpqua's articles of incorporation do not limit the statutory right to indemnification.
Under the OBCA, a corporation may not, however, indemnify the individual if the individual was adjudged liable:
to the corporation in a proceeding by or in the right of the corporation; or
in any proceeding charging improper personal benefit on the basis that he or she improperly received a personal benefit.
The OBCA also provides that a corporation's articles of incorporation may limit or eliminate the personal liability of a director to the corporation or its shareholders for monetary damages for conduct as a director,
provided that no such provision shall eliminate the liability of a director for:
any breach of the directors' duty of loyalty to the corporation or its shareholders;
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
any unlawful distribution; or
any transaction from which the director derived an improper personal benefit.
Umpqua's articles of incorporation provide that we will indemnify our directors and officers against reasonable expenses (including attorney fees), judgments, fines, penalties, excise taxes or settlement payments incurred
or suffered by reason of service as a director or officer or at Umpqua's request as a director, officer, partner or trustee of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.
Umpqua's articles of incorporation limit monetary liability of our directors for their conduct as directors to the fullest extent permitted under the OBCA. If the OBCA is amended to further limit the directors' liability,
Umpqua's articles would incorporate such amendment on its effective date.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The exhibits required by Item 601 of Regulation S-K filed herewith or incorporated by reference are as follows:
Exhibits
4.1
California Independent Bancorp 1989 Amended and Restated Stock Option Plan
(incorporated by reference to Exhibit 4.1 to Humboldt Bancorp's Registration Statement
on Form S-8 (No. 333-111774) filed January 8, 2004)
4.2
California Independent Bancorp 1996 Stock Option Plan (incorporated by reference to
Exhibit 4.2 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-
111774) filed January 8, 2004)
4.3
California Independent Bancorp 2000 Equity Incentive Plan (incorporated by reference to
Exhibit 4.3 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-
111774) filed January 8, 2004)
4.4
Amended and Restated Humboldt Bancorp & Subsidiaries 2001 Equity Incentive Plan
(incorporated by reference to Exhibit B to Humboldt Bancorp's Definitive Proxy
Statement for its Annual Shareholders' Meeting held on May 15, 2003, filed on April 10,
2003 (File No. 000-27784; Film No. 03646003))
4.5
Amended Humboldt Bancorp Stock Option Plan (incorporated by reference to Exhibit
10.12 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-65317) filed
October 5, 1998)
5.1
Opinion of Foster Pepper Tooze LLP
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Foster Pepper Tooze LLP (Included in Exhibit 5.1)
24
Power of Attorney (contained on signature page to Umpqua's registration statement on
Form S-4 filed April 19, 2004, to which this post-effective amendment on Form S-8
relates)
Item 9. Undertakings
The undersigned registrant hereby undertakes:
(1)	To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
(2)	That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)	To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of
the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the registrant pursuant to the foregoing provisions, the registrant has been
advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than
payment by the registrant of expenses incurred or paid by a director, officer or controlling person of such registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Post-Effective Amendment No. 1 on Form S-8 to the registrant's registration statement on Form S-4 to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Portland, State of Oregon, on July 21, 2004.
UMPQUA HOLDINGS CORPORATION
By:
/s/ Raymond P. Davis
Raymond P. Davis
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, Post-Effective Amendment No. 1 on Form S-8 to this Registration Statement on Form S-4 has been signed by the following persons in the capacities and on the dates
indicated.
By:
/s/ Allyn C. Ford
Date: July 21, 2004
Allyn C. Ford, Director
By:
/s/ Lynn Herbert
Date: July 21, 2004
Lynn K. Herbert, Director
By:
/s/ David B. Frohnmayer
Date: July 21, 2004
David B. Frohnmayer, Director
By:
/s/ Dan Giustina
Date: July 21, 2004
Dan Giustina, Director
By:
/s/ Scott Chambers
Date: July 21, 2004
Scott Chambers, Director
By:
/s/ Diana Goldschmidt
Date: July 21, 2004
Diana Goldschmidt, Director
By:
/s/ James D. Coleman
Date: July 21, 2004
James D. Coleman, Director
By:
/s/ William Lansing
Date: July 21, 2004
William Lansing, Director
By:
Date: July ____, 2004
Theodore S. Mason, Director
By:
/s/ Ronald F. Angell
Date: July 21, 2004
Ronald F. Angell,  Director
By:
/s/ Diane Miller
Date: July 21, 2004
Diane Miller, Director
By:
Date: July ____, 2004
Thomas Weborg, Director
By:
/s/ Raymond P. Davis
Date: July 21, 2004
Raymond P. Davis, Director
,
Chief Executive Officer/President
By:
/s/ Daniel A. Sullivan
Date: July 21, 2004
Daniel A. Sullivan
,
Executive Vice President
Chief Financial Officer
Principal Accounting Officer
EXHIBIT INDEX
Exhibits
4.1
California Independent Bancorp 1989 Amended and Restated Stock Option Plan
(incorporated by reference to Exhibit 4.1 to Humboldt Bancorp's Registration Statement
on Form S-8 (No. 333-111774) filed January 8, 2004)
4.2
California Independent Bancorp 1996 Stock Option Plan (incorporated by reference to
Exhibit 4.2 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-
111774) filed January 8, 2004)
4.3
California Independent Bancorp 2000 Equity Incentive Plan (incorporated by reference to
Exhibit 4.3 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-
111774) filed January 8, 2004)
4.4
Amended and Restated Humboldt Bancorp & Subsidiaries 2001 Equity Incentive Plan
(incorporated by reference to Exhibit B to Humboldt Bancorp's Definitive Proxy
Statement for its Annual Shareholders' Meeting held on May 15, 2003, filed on April 10,
2003 (File No. 000-27784; Film No. 03646003))
4.5
Amended Humboldt Bancorp Stock Option Plan (incorporated by reference to Exhibit
10.12 to Humboldt Bancorp's Registration Statement on Form S-8 (No. 333-65317) filed
October 5, 1998)
5.1
Opinion of Foster Pepper Tooze LLP
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Foster Pepper Tooze LLP (Included in Exhibit 5.1)
24
Power of Attorney (contained on signature page to Umpqua's registration statement on
Form S-4 filed April 19, 2004, to which this post-effective amendment on Form S-8
relates)
EXHIBIT 5.1
[LETTERHEAD OF DELOITTE & TOUCHE LLP]
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Post Effective Amendment No.1 to Form S-4 on Registration Statement No. 333-114566 of Umpqua Holdings Corporation on Form S-8 of our report dated February 27, 2004,
appearing in the Annual Report on Form 10-K of Umpqua Holdings Corporation for the year ended December 31, 2003.
/s/ Deloitte & Touche LLP
Portland, Oregon
July 22, 2004
EXHIBIT 23.1
[LETTERHEAD OF FOSTER PEPPER TOOZE LLP]
July 26, 2004
Board of Directors
Umpqua Holdings Corporation
200 SW Market Street, Suite 1900
Portland, Oregon 97201
Re: Merger with Humboldt Bancorp
Ladies and Gentlemen:
This firm has acted as counsel to Umpqua Holdings Corporation in connection with a merger (the "Merger") in which Humboldt Bancorp was merged with and into Umpqua Holdings Corporation (the "Company") pursuant to an Agreement and
Plan of Reorganization dated March 13, 2004, and an accompanying Plan of Merger (together, the "Plan"), and in connection with the preparation and filing of:
the Company's Registration Statement on Form S-4 (File No. 333-114566) filed with the Securities and Exchange Commission covering shares of Company common stock to
be issued in the Merger (as amended, the "Registration Statement"); and
Post-Effective Amendment No. 1 to the Registration Statement on Form S-8 (the "Amendment") covering the shares of Company common stock (the "Shares") to be issued
upon the exercise after the Merger of options originally issued by Humboldt Bancorp and California Independent Bancorp in accordance with the terms of the California Independent Bancorp 1989 Amended and Restated Stock Option Plan, California
Independent Bancorp 1996 Stock Option Plan, California Independent Bancorp 2000 Equity Incentive Plan, Amended and Restated Humboldt Bancorp & Subsidiaries 2001 Equity Incentive Plan and Amended Humboldt Bancorp Stock Option Plan (the "Plans"),
and the agreements governing such options.
Capitalized terms not otherwise specifically defined herein have the meanings given them in the Plans.
In the course of our representation we have examined the Registration Statement including the Amendment, the Plans, copies of the Articles of Incorporation, Bylaws, and excerpts of minutes of meetings of the Boards of Directors
of the Company and Humboldt Bancorp. We have also received from officers of the Company certain other documents, corporate records, certificates and representations concerning factual matters. We have reviewed such documents and certificates, made
such inquiries of public officials, and made such review of laws as we consider necessary for purposes of this opinion. We have relied as to matters of fact upon the above documents and investigation. We have assumed without investigation the
genuineness of all signatures, the authenticity and completeness of all documents submitted to us as originals and the conformity to authentic and complete original documents of all documents submitted to us as certified or photostatic copies.
Based upon the foregoing and subject to the qualifications and exceptions heretofore and hereinafter set forth, we are of the opinion that the Shares have been duly authorized by the Company, and, that provided that the
Registration Statement remains effective, such state and other securities laws as may be applicable have been complied with, and the Company has issued the Shares in the manner provided in the Plans and as described in the Registration Statement,
the Shares will be validly issued, fully paid and non-assessable.
This opinion is limited to the laws of the State of Oregon and applicable federal laws of the United States of America, and to the facts bearing on this opinion as they exist on the date of this letter. We disclaim any
obligation to review or supplement this opinion or to advise you of any changes in the circumstances, laws or events that may occur after this date or otherwise update this opinion.
We consent to the use of this opinion as an exhibit to the Registration Statement.  In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Act or the
General Rules and Regulations of the Securities and Exchange Commission.
Very truly yours,
FOSTER PEPPER TOOZE LLP