Sterling Financial Corp and Commerce National Bank Agree to $43M Deal

By on May 6, 2013

Sterling Financial Corp (Sterling) and Commerce National Bank (CNB) agreed to acquire Commerce National Bank of Southern California for $15.10 per common share resulting in a deal value of $42.9 million.  The boards of directors of Sterling and CNB approved the deal, but it is still subject to approval by CNB shareholders and bank regulatory agencies. 

Commerce National Bank is a solid, business-focused bank that we expect will provide substantial synergies with our current operations in the OrangeCounty market,” said David DePillo, vice chairman and chief lending officer of Sterling. “In addition to a high quality, relationship-based loan portfolio, CNB also brings us a scalable equipment leasing business that fills a void in our current commercial product set.”

Mark Simmons, president and chief executive officer of CNB, said, “We are excited to be entering into this transaction with Sterling. This is an excellent outcome for our shareholders, and we believe our customers, employees, and community will benefit from the wide array of products and services offered by the combined company. We are partnering with a company that shares our values and outlook on the opportunities in this environment, and we look forward to continuing to serve our clients the best way we can.”

The parent of Sterling Bank (NASDAQ: STSA) stated that the purchase “will provide a significant enhancement to Sterling’s current operations in Southern California.” 

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