Sterling Acquires Mass. Bank Offices
WALTHAM, Mass. - Seven branch offices of the former University Bank reopened Monday as Sterling Bank branches.
University Bank's deposits totaled about $316.6 million as of February, said Sterling Bancshares Corp.
Sterling is paying $11,614 for the right to receive the transferred deposits and will have options to purchase certain loans and other assets of University.
The Office of the Comptroller of the Currency closed University Bank last Friday, citing significant deterioration in late 1989 and early 1990 because of operating losses at the bank's subsidiary, NorthEastern Mortgage Co.
The bank was also hurt by the regional economic decline in New England.