Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MASON THEODORE S
  2. Issuer Name and Ticker or Trading Symbol
UMPQUA HOLDINGS CORP [UMPQ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ONE SW COLUMBIA STREET, SUITE 1200
3. Date of Earliest Transaction (Month/Day/Year)
02/12/2008
(Street)

PORTLAND, OR 97258
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/12/2008   M   7,986 A $ 7.38 87,499 D  
Common Stock 02/12/2008   M   7,260 A $ 7.03 94,759 D  
Common Stock 02/12/2008   M   5,084 A $ 10.85 99,843 D  
Common Stock 02/12/2008   M   2,627 A $ 10.85 102,470 D  
Common Stock 02/12/2008   M   242 A $ 10.85 102,712 D  
Common Stock 02/12/2008   M   121 A $ 10.85 102,833 D  
Common Stock 02/12/2008   M   220 A $ 10.85 103,053 D  
Common Stock 02/12/2008   M   110 A $ 10.85 103,163 D  
Common Stock 02/12/2008   M   300 A $ 10.85 103,463 D  
Common Stock 02/12/2008   M   611 A $ 9.47 104,074 D  
Common Stock 02/12/2008   M   306 A $ 9.47 104,380 D  
Common Stock 02/12/2008   M   337 A $ 9.47 104,717 D  
Common Stock 02/12/2008   M   2,640 A $ 9.47 107,357 D  
Common Stock 02/12/2008   M   3,300 A $ 7.2 110,657 D  
Common Stock 02/12/2008   J   1,958 A (1) 5,035 (2) I by Deferred Comp Pln

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 7.03 02/12/2008   M     7,260 01/21/1999(3) 01/21/2009 Common Stock 7,260 $ 0 (1) 0 D  
Non-Qualified Stock Option (right to buy) $ 7.2 02/12/2008   M     3,300 03/23/2001(3) 03/23/2011 Common Stock 3,300 $ 0 (1) 0 D  
Non-Qualified Stock Option (right to buy) $ 7.38 02/12/2008   M     7,986 05/09/1999(3) 05/09/2008 Common Stock 7,986 $ 0 (1) 0 D  
Non-Qualified Stock Option (right to buy) $ 9.47 02/12/2008   M     2,640 03/19/2001(3) 03/19/2010 Common Stock 2,640 $ 0 (1) 0 D  
Non-Qualified Stock Option (right to buy) $ 9.47 02/12/2008   M     611 03/29/2000(3) 03/29/2010 Common Stock 611 $ 0 (1) 26,231 D  
Non-Qualified Stock Option (right to buy) $ 9.47 02/12/2008   M     306 03/29/2000(3) 03/29/2010 Common Stock 306 $ 0 (1) 25,925 D  
Non-Qualified Stock Option (right to buy) $ 9.47 02/12/2008   M     337 03/29/2001(3) 03/29/2010 Common Stock 337 $ 0 (1) 25,588 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     5,084 09/23/1999(3) 09/23/2009 Common Stock 5,084 $ 0 (1) 3,620 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     2,627 09/23/1999(3) 09/23/2009 Common Stock 2,627 $ 0 (1) 993 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     242 09/23/1999(3) 09/23/2009 Common Stock 242 $ 0 (1) 751 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     121 09/23/1999(3) 09/23/2009 Common Stock 121 $ 0 (1) 630 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     220 09/23/1999(3) 09/23/2009 Common Stock 220 $ 0 (1) 410 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     110 09/23/1999(3) 09/23/2009 Common Stock 110 $ 0 (1) 300 D  
Non-Qualified Stock Option (right to buy) $ 10.85 02/12/2008   M     300 09/23/1999(3) 09/23/2009 Common Stock 300 $ 0 (1) 0 D  
Non-Qualified Stock Option (right to buy) $ 14.65             06/26/2003(3) 06/26/2013 Common Stock 2,000   2,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MASON THEODORE S
ONE SW COLUMBIA STREET, SUITE 1200
PORTLAND, OR 97258
  X      

Signatures

 By: Steven L. Philpott, Attorney in Fact For: Theodore S. Mason   02/13/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Not required.
(2) Holdings reported include shares acquired pursuant to the Issuer's Director Compensation Plan.
(3) All options are fully vested.

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