<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>v98069orexv21.txt
<DESCRIPTION>EXHIBIT 21
<TEXT>
<PAGE>
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                                                                      EXHIBIT 21


                         SUBSIDIARIES OF THE REGISTRANT


<TABLE>
<CAPTION>
NAME OF                                         JURISDICTION                         NAME UNDER WHICH
SUBSIDIARY                                    OF INCORPORATION                   BUSINESS IS CONDUCTED
----------                                    ----------------                   ---------------------


<S>                                           <C>                      <C>
Umpqua Bank                                        Oregon                                  Umpqua Bank
                                                                                    Umpqua Bank Mortgage

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

Umpqua Statutory Trust I                         Connecticut

Umpqua Statutory Trust II                         Delaware

Umpqua Statutory Trust III                        Delaware

Umpqua Statutory Trust IV                         Delaware

Umpqua Statutory Trust V                          Delaware
</TABLE>

</TEXT>
</DOCUMENT>