Sterling Financial Corp said its unit has agreed to purchase First Independent Bank to boost its presence in Portland and Vancouver in the U.S. Pacific Northwest.Under the terms of agreement, Sterling Savings Bank would initially pay a premium of $8 million to the net value of the acquired assets and assumed liabilities of the 100-year-old bank.Sterling will also pay a premium of up to $17 million over 18 months after the deal closes, on the basis of credit performance of the acquired loans.First Independent will retain about $49 million of existing loans and $34 million of other assets identified by Sterling, which will take over all of the community banker's deposits.
Sterling Financial Corporation (Sterling) is a bank holding company. Shares of STSA traded higher by 1.66% or $0.25/share to $15.34. In the past year, the shares have traded as low as $11.61 and as high as $68.00. On average, 122077 shares of STSA exchange hands on a given day and today's volume is recorded at 18094.
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