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
- Seahawks' Marshawn Lynch announces retirement in his own, unique fashion
- With Marshawn Lynch retired, what will Seahawks do with money they save?
- Black Sabbath calls it a night at the Tacoma Dome — for good
- Seahawks' Russell Wilson writes a thank-you letter to Peyton Manning
- Marshawn Lynch’s retirement announcement wasn’t classy, but it was perfect