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STSA > SEC Filings for STSA > Form 8-K on 2-May-2013All Recent SEC Filings

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Other Events, Financial Statements and Exhibits

Item 8.01 Other Events.

On May 2, 2013 Sterling Financial Corporation ("Sterling") and its principal operating subsidiary, Sterling Savings Bank ("Sterling Bank") announced that they had entered into a definitive agreement to acquire Commerce National Bank ("CNB") of Newport Beach, California (the "Transaction").

Under the terms of the definitive agreement for the Transaction, Sterling will pay $15.10 in cash for each CNB common share, or approximately $40.2 million in the aggregate. In addition, CNB stock options and warrants will be settled for cash in the aggregate amount of approximately $2.7 million. The Transaction, which is subject to approval by the shareholders of CNB and applicable bank regulatory agencies, and other customary closing conditions, is expected to be completed during the third quarter of 2013. A copy of the press release issued by the Company concerning the transaction is filed as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

99.1 Sterling Financial Corporation press release dated May 2, 2013.

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