Sterling Financial Corporation: About To Shower Investors With Money
Apr. 1, 2014, 1:23 PM
- The deal is expected to close on or before April 18. Sterling Financial (STSA) owners will receive 1.671 shares of Umpqua Holdings (UMPQ +0.3%) stock and $2.18 in cash for each share of Sterling they own. Originally valued at just over $30 per share when the buyout was announced last September, the rise in Umpqua's stock makes it worth $33.41 today.
Sep. 12, 2013, 2:12 AM
- As flagged, Umpqua Holdings (UMPQ) has agreed to acquire Sterling Financial (STSA) for $2B in cash and stock, with the $30.52 a share offer representing a premium of 26% on the latter's close on August 30, when reports surfaced that the bank was for sale.
- Private-equity firms Warburg Pincus and Thomas H. Lee Partners, which own a combined 41.6% of Sterling, support the deal.
- The combined company will have $22B in assets, $15B in loans, $16B in deposits and almost 400 branches across five states, and will help Umpqua expand in California.
- Umpqua CEO and President Ray Davis will continue in his roles, while Sterling boss Greg Seibly will become co-president of Umpqua.
- Umpqua expects the acquisition to be 12% accretive to 2015 operating EPS with 100% of synergies phased in. (PR)
Sep. 1, 2013, 3:15 AM
- Sterling Financial (STSA), which has a market cap of $1.51B, has reportedly held talks with at least two potential acquirers as it seeks takeover offers from other banks.
- As of January 31, private-equity firms Warburg Pincus and Thomas H. Lee Partners each owned stakes of over 20% in the Washington state bank.
Sterling Financial Corporation offers retail and commercial banking products and services, mortgage lending and investment products to individuals, small businesses, commercial organizations and corporations.
Industry: Savings & Loans
Country: United States
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