Umpqua Bank Hires Dave Ericksen to Build Upper Middle Market Banking Team

PORTLAND, Ore. (February 22, 2021)—Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), announced today the addition of Dave Ericksen to its Pacific Northwest (PNW) middle market banking leadership team as senior vice president and middle market director. Recognized as one of the PNW region’s leading corporate bankers, Ericksen strengthens Umpqua’s capacity to support the growth and evolution of the region’s large middle market companies.

According to Richard Cabrera, evp and head of Umpqua’s middle market banking division, Ericksen’s hire is part of Umpqua’s strategy to recruit top bankers and market leaders across its West Coast footprint to expand access to the sophisticated expertise needed by complex, high-growth enterprises, particularly during a period of continued economic uncertainty.

“Businesses have persevered through tremendous disruption and many have adapted in ways that position them for growth as the economy stabilizes. A trusted, capable banking partner has never been more critical to their continued success,” said Cabrera. “Dave brings uncommon expertise and skill to our team of bankers and his addition illustrates the high priority Umpqua has placed on helping our customers gain a competitive advantage through periods of both economic expansion and contraction.”

Before joining Umpqua, Ericksen contributed to the success of US Bank and Key Bank over his more than 25 years in banking. Most recently, he served as an enterprise banker at Key Bank, where he successfully helped drive that institution’s growth in a variety of key sectors, including health care, metals & recycling, and food and beverage, among others.

“Dave is a highly-regarded banker with long-standing connections to our region’s industries, economy, and companies,” said Jonathan Dale, evp and Pacific Northwest executive of middle market banking. “Throughout his career, Dave has established trusted relationships with middle market business owners, helping them finance growth, optimize working capital, and automate cashflow. His leadership experience and forward-thinking approach to understanding a business’ vision and objectives will complement Umpqua’s high-touch client experience.”

Ericksen earned a B.B.A. in Accounting & Finance from Pacific Lutheran University and an Executive Leadership Certification from University of Washington. He’s also a graduate of Pacific Coast Banking School, and during his career has held licenses as a Certified Treasury Professional (CTP), an Oregon Life & Health Insurance professional, and a Series 6 & 63. Ericksen currently serves on the board of Portland Opera.

About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Ore., is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the sixteenth consecutive year. In addition to its retail banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to small businesses. A subsidiary of Umpqua Holdings Corporation, Umpqua Investments, Inc., provides retail brokerage and investment advisory services in offices throughout Washington, Oregon, California and Nevada.

Some proactive steps could help you protect yourself from becoming the next tax ID fraud victim this year.

With the 2021 tax filing season officially underway as of February 12, it’s a great reminder to file your taxes as soon as possible before the April 15 deadline to avoid potentially becoming a victim of fraud.

Specifically, tax ID fraud, which remains an ever-present and widely concerning issue in the U.S. Late last year, the IRS announced it discovered $2.3 billion in such scams for fiscal year 2020 alone. And, with the rise of other types of fraud, such as COVID-19-related scams, 2021 could be an even more opportune time for criminals looking to capitalize on both business and consumer taxpayers.

Here’s Why You Should File Your Taxes Early

To help speed up refund payments during the COVID-19 pandemic, the IRS urges taxpayers to have all of their documents ready to file electronically and with direct deposit set up ahead of time—and for good reason:

Fraudsters can use basic personal information (often found online), your Social Security Number (SSN), and other stolen information (e.g., W-2 tax forms) to file your taxes and route your refunds to their own bank account. Often, victims of such scams find out only after their taxes have been filed either by themselves or a hired preparer, only to receive a letter of rejection from the IRS due to multiple filings. 

And, if there’s a tax return to be filed, it could be at risk of tax ID fraud.

“Criminals will go after any tax and personal details they can get their hands on to file illegitimate returns,” notes Kathryn Albright, Global Payments and Deposits Executive with Umpqua Bank, a Portland, Ore.-based institution with $29 billion in assets. “Both businesses and consumers should be on alert for tax ID fraud, because it could really hit anybody who has to file.”

Tips to Avoid Tax ID Fraud

Here are some ways you can help protect yourself from tax ID fraud for this and future tax seasons:

• File your taxes as soon as you possibly can. This is the most prominent recommendation by the IRS, and it can be critical to securing your tax filings—and identity. If you beat fraudsters to filing your own taxes, they likely won’t control where your refund goes.

• Keep your SSN private. There are countless scams designed to steal SSNs (and other sensitive personal information), which in turn can help fraudsters file illegal tax returns. Don’t provide such information to unfamiliar contacts—especially if you’re unexpectedly asked to do so by a stranger via email, text message, or even on social media (because the IRS doesn’t use those methods to contact individuals).

• Research potential tax preparers before providing them with sensitive personal information. If you elect to have somebody else do your taxes, be sure they’re a qualified, trusted, and reputable preparer. Use the IRS’s searchable directory to help you find a qualified tax professional if necessary.

• Use secure, trusted devices when filing your taxes online. When collecting your tax documents and then filing online, be sure you’re using as secure a computer as possible that’s running the most updated versions of security software, Internet browsers, and operating systems—and that’s connected to a trusted, safe Internet connection. (For example, if possible, consider using a personal laptop connected to your home Wi-Fi network rather than a shared computer with a public Internet connection.)

• Consider placing a security freeze on your credit reports. Freezing your credit reports with the top three credit bureaus (Equifax, Experian, and TransUnion) could help prevent further damages if a fraudster does steal your identity.

• Request an Identity Theft (IP) PIN. Such codes are typically assigned to victims of identity theft to help them confirm their identity with the IRS and other federal agencies moving forward. However, eligible parties may request one for added security.

“It’s a good idea to get into the habit every tax season of doing everything you can to file early—and securely,” says Albright. “Start with a checklist, get your documents as soon as they become available, and get your preparation in order at the beginning of January so that you can file early. Then, keep an eye on things, like your credit reports and bank account details, throughout tax season to be sure there’s no unexpected or unusual activity that could be linked to fraud.”

What to Do if You Discover You’re a Victim of Tax ID Fraud

If you make the unfortunate discovery that somebody stole your identity to file your taxes, consider performing the following actions as soon as possible:

• Contact the IRS and complete form 14039 (Identity Theft Affidavit) or call (800) 908-4490 for specialized assistance.
• Follow the instructions that you receive in any letter from the IRS alerting you of a potential stolen tax identity theft situation. Then, report the situation to both the IRS and the Federal Trade Commission (FTC) at identitytheft.gov to initiate a recovery plan.

• Secure your IP PIN and any other details you receive from the IRS and other federal agencies/law enforcement to prevent future identity theft.

• Place a fraud alert on your credit reports—and consider freezing them altogether if you haven’t already done so.

Additional Resources

For more information about preventing tax fraud, visit these additional FTC and IRS resources.