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News Breaks
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November 7, 2011
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| 09:03 EDT |  | STSA |
| theflyonthewall.com: | Sterling Financial unot to acquire banking operations of First Independent | | Sterling Savings Bank has entered into a purchase and assumption agreement with First Independent Investment Group’s wholly-owned subsidiary, First Independent Bank, to acquire certain assets and liabilities, including all deposits, and the banking operations of First Independent. The transaction has been approved by the boards of directors of Sterling, FIIG and First Independent and the shareholders of FIIG and First Independent. Under the terms of the agreement, Sterling will initially pay a premium of $8 million in addition to the net value of the acquired assets and assumed liabilities at the time of closing. Sterling has agreed to pay First Independent an additional premium of up to $17 million over an 18-month period following closing based on the credit performance of the acquired loans and the amount of any reductions in core deposits and wealth management income. First Independent will retain approximately $49 million of existing loans and $34 million of other assets identified by Sterling, which Sterling did not seek to acquire. Sterling will assume all of First Independent’s deposits and certain customary obligations relating to its banking business, but no other material liabilities in the transaction. :theflyonthewall.com |
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