* TAC sends letter to Sterling shareholders with details
* Sterling shares rise 6 pct after market
Nov 4 TAC Capital LLC, the largest shareholder
in Sterling Bancshares Inc SBIB.O, said it plans to nominate
five members to the bank's board at its upcoming 2011 annual
Privately owned investment firm TAC Capital, with a stake
of more than 8 percent in Sterling, does not have any nominee
currently on the board and said it has "lost confidence in the
bank's current board and executive team." "Sterling's stock
price, earnings and operational performance have significantly
lagged the performance of its peers," TAC Capitals said in a
letter to the Sterling shareholders.
Sterling was not immediately available for comment.
Houston-based Sterling is a bank holding company with total
assets of $5 billion and has a market value of about $543.3
Year to date, Sterling's shares have risen about 4 percent,
but have declined to their current levels of about $5.44 from a
high of $6.33 in April.
Last week, Sterling reported a third-quarter profit of 4
cents a share, from a loss of 30 cents last year.
Sterling shares rose about 6 percent to $5.77 Thursday in
(Reporting by Brenton Cordeiro in Bangalore; Editing by