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Sterling Financial in Spokane, Wash., is buying American Heritage Holdings, the holding company of Borrego Springs Bank in La Mesa, Calif., for $6.5 million in cash.
October 22
Sterling Financial (STSA) in Spokane, Wash., will buy three branches around Seattle from a unit of Boston Private Financial (BPFH).
The $9.5 billion-asset Sterling said Monday that it would pay a premium of $11 million for the branches, which have a total of roughly $270 million in loans and $190 million in deposits.
Sterling will put its name on the branches — located in Seattle, Bellevue and Richmond — after it completes the acquisition. The companies expect to complete the deal during the first half of next year.
The deal would give Sterling roughly 192 branches in California, Idaho, Oregon and Washington.
"This transaction is in perfect alignment with our strategic focus on building out our commercial banking presence in key West Coast metropolitan areas," Greg Seibly, Sterling's chief executive, said in a press release. "Boston Private's Pacific Northwest operations include both a high-quality, relationship-based loan portfolio and a core deposit base composed almost entirely of transaction accounts."
