Texas-based,
56-branch-strong, Sterling Bank, is reportedly up for sale with a
deal expected by the end of January.
Regional lenders
Comerica and BB&T have both been linked with Sterling, which
analysts’ value in the region of $825m.
Go deeper with GlobalData
As of 30 September,
Sterling had total assets of $5bn,
total loans of $2.9bn and total
deposits of $4.1bn.
In the nine months to 30
September, Sterling reported a net loss of $1.2m compared with a
net loss of $14.7m in the year ago period.
Sterling’s net interest margin declined by 45 basis
points to 3.81% in the third quarter compared to the previous year;
net charge offs in the third quarter of 2010 were $7.4
million or 1.01% of average total loans.
Sterling’s cost-income
ratio increased by 297 basis points to 72.53% in the nine months to
30 September.
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