Sterling Financial Corp. to buy Empire Financial Bankcorp for 2.61 times revenue
Weekly Corporate Growth Report, Sep 30, 2002
Featured Transaction
The Deal: Sterling Financial Corporation has agreed to acquire Empire Federal Bancorp Inc. in a stock transaction. Under the terms of the agreement, each share of Empire stock will be exchanged for $19.25 worth of Sterling stock, for a total transaction value of $29.8 million. The deal is expected to close in the first quarter of 2003. The deal has been approved by the boards of both companies. Approvals are still required from Empire shareholders and from regulatory agencies.
Discussion: Empire Federal Bancorp is the holding company for Empire Bank, which operates in south-central Montana near Yellowstone National Park. The bank provides standard retail banking services, as well as residential and commercial mortgages. Company subsidiary, Dime Service Corporation, sells property/casualty insurance.
Sterling Financial Corporation is the holding company for Sterling Savings Bank. The bank has more than 75 branches in Washington, Idaho, Oregon, and Montana. The bank's loan portfolio includes residential and commercial construction loans, mortgages, and consumer loans. Company subsidiary Harbor Financial Services offers such investment products as annuities and mutual funds. Sterling Financial is unrelated to the Pennsylvania company of the same name.
Sterling's Chairman and Chief Executive Officer, Harold B. Gilkey stated, "This agreement allows us the opportunity to extend our Pacific Northwest community bank franchise into the attractive Montana markets and to increase lending opportunities while also keeping capital here in the Pacific Northwest."
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