Key Developments: Sterling Financial Corp (STSA.OQ)
22.75USD
20 May 2013
$0.02 (+0.09%)
$22.73
$22.61
$22.89
$22.61
38,454
51,383
$23.22
$17.19
Latest Key Developments (Source: Significant Developments)
Sterling Financial Corp's Subsidiary Completes Acquisition of Seattle-Area Operations Of Boston Private Bank & Trust Company
Sterling Financial Corp announced that its principal operating subsidiary completed the acquisition of the Seattle-area operations of Boston Private Bank & Trust Company effective May 10, 2013. The transaction included the acquisition of approximately $276 million in performing loans and $172 million in deposits. Full Article
Sterling Financial Corp And Commerce National Bank Announce Agreement For Sterling To Acquire Commerce National Bank
Sterling Financial Corp and Commerce National Bank announced that the Company and its principal operating subsidiary, Sterling Savings Bank (Sterling), have entered into a definitive agreement to acquire CNB for cash consideration of $15.10 per common share. Including the planned redemption of outstanding CNB stock options and warrants for cash, the aggregate transaction value is approximately $42.9 million. The transaction, which has been approved by the boards of directors of the Company and CNB, will provide a significant enhancement to Sterling's current operations in Southern California. The transaction is subject to approval by CNB shareholders and bank regulatory agencies, and other customary conditions of closing. It is expected to be completed during the third quarter of 2013. Full Article
Sterling Financial Corp Approves Quarterly Cash Dividend
Sterling Financial Corp announced that the Board of Directors has approved a quarterly cash dividend of $0.20 per common share. The dividend is payable on May 20, 2013 to shareholders of record as of May 6, 2013. Increased cash dividend by 33%. Full Article
Sterling Financial Corp Completes Acquisition Of American Heritage Holdings
Sterling Financial Corp announced that the completion of its acquisition of American Heritage Holdings, the holding company for Borrego Springs Bank, NA, for total cash consideration of $6.5 million. Immediately following completion of the acquisition, Borrego Springs Bank, NA, was merged with and into the Company`s principal operating subsidiary, Sterling Savings Bank (Sterling). Full Article
Sterling Financial Corp's Sterling Savings Bank Announces Divestiture Of Three Retail Branches
Sterling Financial Corp's Sterling Savings Bank announced that it has entered into a definitive agreement to sell three retail branches to Bank of the Pacific, the principal operating subsidiary of Pacific Financial Corporation. The branches are located in Astoria, Ore., Seaside, Ore., and Aberdeen, Wash.The transaction is expected to be finalized by the end of the second quarter of 2013, and is subject to regulatory approval and other customary closing conditions. In accordance with the terms of the definitive agreement, Pacific will pay a 2.77 percent deposit premium on core in-market deposits to acquire approximately $50 million of deposits and $6 million of performing loans and certain other assets and liabilities. Sterling was advised by the investment banking firm of McAdams Wright Ragen Inc. and the law firm of Bingham McCutchen LLP. Full Article
Sterling Financial Corp's Subsidiary To Acquire Seattle-Area Operations Of Boston Private Financial Holdings, Inc's Boston Private Bank & Trust Company
Sterling Financial Corp announced that the principal operating subsidiary, Sterling Savings Bank, has entered into a definitive agreement to acquire the Seattle-area operations of Boston Private Bank & Trust Company, a wholly owned subsidiary of Boston Private Financial Holdings, Inc. Sterling will pay Boston Private a franchise premium of $11 million in addition to the net acquired asset value as consideration for the transaction. The transaction is expected to be completed during the first half of 2013. Upon completion of the acquisition, all three of Boston Private's Seattle-area offices will operate under the Sterling Bank name. The three locations will become part of Sterling Bank's branch network of locations throughout Washington, Oregon, Idaho and California. Bingham McCutchen LLP served as the legal advisor to Sterling in connection with this transaction. Full Article
Sterling Financial Corp Announces Special Cash Dividend and Accelerated Payment Date for Regular Quarterly Cash Dividend
Sterling Financial Corp announced that its Board of Directors has authorized the declaration of a special cash dividend of $0.35 per common share payable on December 28, 2012 to shareholders of record as of December 21, 2012. In addition, the Board has authorized the accelerated payment of the regular quarterly cash dividend of $0.15 per common share that would have otherwise been declared and paid during the first quarter of 2013. The record and payable dates for this regular cash dividend will be the same as for the special cash dividend. Full Article
Eagle Bancorp Montana Inc And American Federal Savings Bank Complete Acquisition of Seven Branch Banking Locations From Sterling Financial Corporation's Sterling Savings Bank
Eagle Bancorp Montana Inc and its wholly-owned subsidiary, American Federal Savings Bank (collectively Eagle) announced the completion of the acquisition of seven branch banking locations from Sterling Financial Corporation 's Sterling Savings Bank, effective November 30, 2012. Eagle acquired approximately $180.9 million of deposits for a premium of 3.88%, or approximately $7.0 million. Additionally, Eagle purchased approximately $41.3 million of pass-rated, performing loans. It is expected that the transaction will be immediately accretive to Eagle's earnings per share. Full Article
Sterling Financial Corp Declares Quarterly Cash Dividend
Sterling Financial Corp announced that it has approved a quarterly cash dividend of $0.15 per share of common stock. The dividend is payable on November 20, 2012 to shareholders of record as of November 6, 2012. Full Article
Sterling Financial Corp Announces Dismissal Of Class Action Lawsuits Regarding Overdraft Fees
Sterling Financial Corp announced that recently filed lawsuits alleging that Sterling’s subsidiary Sterling Savings Bank (Sterling Bank) improperly manipulated the posting order of debit card transactions to generate a greater number of overdraft fees have been voluntarily dismissed by the plaintiffs. The two lawsuits, one in Washington state court and one in Oregon federal court, were brought as putative class actions, with the plaintiffs seeking to represent checking account customers of Sterling Bank in Washington, Oregon, California, Idaho and Montana. After investigation into Sterling Bank’s practices with regard to debit card transactions and overdraft fees, the plaintiffs agreed voluntarily to dismiss their claims without any payments by Sterling Bank. The outcomes of these two cases stand in contrast to similar lawsuits brought against many other banks, some of which have recently paid large settlements to resolve accusations that they improperly posted debit card transactions high-to-low by amount (rather than chronologically), thereby increasing the number of overdraft fees charged on a given day. Full Article
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