Key Developments For Sterling Bancshares, Inc.
Sterling Bancshares, Inc. (SBIB.O) (Nasdaq)
Sterling Bancshares, Inc.'s Sterling Bank to Acquire $500 Million in Deposits and Nineteen Bank Branches Located in Houston and Dallas
Sterling Bancshares, Inc. announced that its subsidiary, Sterling Bank, has entered into a definitive purchase and assumption agreement to acquire approximately $500 million in deposits and nineteen Texas bank branches from First Bank, a Missouri state-chartered bank. The deposits to be acquired consist primarily of core deposits. Of the nineteen branches to be acquired, eleven are in the Houston metropolitan area and eight are located in the Dallas metropolitan area. In addition, Sterling will also purchase approximately $230 million of performing business and consumer-related Texas-based loans from First Bank. This transaction is expected to be completed in the fourth quarter of 2009.
Sterling Bancshares, Inc. Declares Quarterly Dividend
Sterling Bancshares, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.055 per share of common stock. The dividend is payable August 21, 2009, to shareholders of record on August 7, 2009.
Sterling Bancshares, Inc. Closes Common Stock Offering
Sterling Bancshares, Inc. announced that it has completed the previously announced registered offering of 8.28 million shares of common stock, which includes 1.08 million shares issued pursuant to the underwriter's over-allotment option. On May 8, 2009, the common stock underwriter, Morgan Stanley & Co. Incorporated, exercised in full their option to purchase the additional 1.08 million shares. The offering resulted in net proceeds of approximately $54.8 million, after deducting underwriting fees and estimated offering expenses. The capital raise positions Sterling to take advantage of growth opportunities within its target markets, including potential acquisitions and the continued hiring of talented bankers and personnel.
Sterling Bancshares, Inc. Announces Pricing Of Common Stock Offering
Sterling Bancshares, Inc. announced that it has priced a public offering of 7.2 million shares of common stock to the public at $7.00 for total gross proceeds of approximately $50.4 million. The Company expects to close the sale of the shares of common stock on May 12, 2009, subject to customary closing conditions. The underwriters will have a 30 day option to purchase up to an additional 1.08 million shares of common stock from the Company at the offering price, less underwriters' discounts and commissions. Morgan Stanley & Co. Incorporated is serving as sole book-running manager for the equity offering. Sandler O'Neill and Partners, L.P. is acting as co-manager for the equity offering.
Sterling Bancshares, Inc. Declares Quarterly Dividend
Sterling Bancshares, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.055 per share of common stock at the meeting held on April 27, 2009. The dividend is payable May 22, 2009 to shareholders of record on May 8, 2009.
