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STSA > SEC Filings for STSA > Form 8-K on 19-Feb-2014All Recent SEC Filings

Show all filings for STERLING FINANCIAL CORP /WA/



Other Events

Item 8.01 Other Events.

On February 19, 2014 Sterling Financial Corporation's ("Sterling") principal operating subsidiary Sterling Savings Bank ("Sterling Bank") entered into a definitive agreement for the sale of six depository branches located in Coos County and Douglas County, Oregon to Banner Bank ("Banner"), a wholly owned subsidiary of Banner Corporation (the "Transaction"). The branches are being divested in connection with the pending merger between Sterling and Umpqua Holdings Corporation (the "Merger") pursuant to agreements with the United States Department of Justice and the Federal Reserve Board.

Under the terms of the agreement, Sterling Bank will pay a negative premium of approximately $7.0 million for Banner to acquire approximately $226 million of deposits and $95 million of performing loans. The Transaction is subject to completion of the Merger, regulatory approval and other customary closing conditions, and is expected to be completed during the second quarter of 2014.

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