Pacific Northwest regional Banner Corporation (NASDAQ:BANR) hit the acquisition jack pot last week. Because of a pending merger with Umpqa, Sterling Financial (NASDAQ:STSA) was forced to hand 6 branches - along with their $226 million in deposits and $95 million in loans - to Banner. Remarkably, Sterling is paying Banner $7 million to take over these branches. Talk about being in the right place at the right time.
Crazy as it sounds, Banner is getting paid by Sterling Financial to take 6 highly profitable banking offices (99.9% of loans accruing with average yield 5.17%) and all their deposits and loans. As yet, it is not clear if these branches include the land and buildings (over half...
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