Spokane-based Sterling Financial is acquiring Commerce National Bank of Newport Beach, Calif., in a deal worth $42.9 million, the companies announced Thursday.
The acquisition, which is subject to approval by regulators and Commerce National’s shareholders, gives Sterling’s operations a boost in the Orange County market and is expected to be completed in the third quarter of 2013.
Shareholders of the California bank will receive $15.10 per share, the companies said. As of March 31, Commerce National’s assets stood at $242.7 million, while Sterling Savings Bank’s were $9.26 billion.
Sanjay Bhatt: 206-464-3103 or firstname.lastname@example.org On Twitter @sbhatt
- 2 killed, half-million lose power in Seattle-area windstorm
- High winds stall firefighting efforts, fuel Tunk Block, Lime Belt fires
- Jack Zduriencik’s M’s legacy: More than 3 dozen departed managers, coaches, scouts, staffers
- Wet weekend ahead, with high winds and heavy rain expected
- Suspect in attack on tourists arrested in downtown Seattle