Sterling Financial Corp. continues to grow through acquisitions.
Sterling Savings Bank has completed the acquisition of the
The transaction includes the acquisition of approximately $276 million in performing loans, including mortgage loans and $172 million in deposits.
The acquisition is well-aligned with Sterling’s strategic focus on the Seattle market, said president and chief executive officer, Greg Seibly, and overall company growth goals.
Earlier this month Sterling entered into an agreement with Commerce National Bank.
According to Sterling executives it will provide “a significant enhancement” to current operations of Sterling Savings Bank in Southern
Under the agreement Sterling will acquire CNB “for cash consideration of $15.10 per common share,” redeem its outstanding stock and warrants for cash for an aggregate transaction value of approximately $42.9 million.
Subject to approval by shareholders and regulators the transaction is expected to be completed during the third quarter of 2013.
As of March 31, Sterling had assets of $9.26 billion operated through its branches in Washington, Oregon, Idaho and California.
CNB brings to the merger assets of $242.7 million as of March 31 that include $146.3 million in loans.
