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...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|
|PRO Top long ideas returned 21.7% in 2016**|