EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT



NAME OF                                           JURISDICTION                               NAME UNDER WHICH
SUBSIDIARY                                     OF INCORPORATION                           BUSINESS IS CONDUCTED
-----------                                     ----------------                           ---------------------
                                                                         
Umpqua Bank                                           Oregon                                         Umpqua Bank

Strand, Atkinson, Williams & York, Inc.               Oregon                   Strand, Atkinson, Williams & York