Shares of Sterling Financial Corp. of Lancaster, Pa., held up well Friday, falling just 0.2%, after the company said late Thursday that possible contract irregularities at an equipment leasing subsidiary would delay its first-quarter earnings report.
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The $3.3 billion-asset Sterling said that it had hired accounting and legal experts to conduct an independent investigation of Equipment Finance LLC, which provides commercial financing for the soft-pulp logging and land-clearing industries.
"As you would expect, Sterling is taking this matter very seriously," J. Roger Moyer Jr., the company's president and chief executive officer, said in a press release.
