PE-Backed Sterling Financial Picks Up Washington Bank

Law360, New York (November 7, 2011, 5:24 PM EST) -- A subsidiary of Sterling Financial Corp. has acquired a Vancouver, Wash.-based bank, the latest step in an expansion strategy that began with a large-scale recapitalization backed by two private equity firms, Sterling announced Monday.

Sterling Savings Bank will pay the value of First Independent Bank's liabilities plus an $8 million premium under the terms of the deal. Sterling will acquire certain assets and liabilities of First Independent, including all deposits and its banking operations, the company said.

The company may also pay up to an additional...
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