HOUSTON (August 11, 2009) – Sutherland Asbill & Brennan LLP is advising Sterling Bank, a subsidiary of Sterling Bancshares, Inc., in its definitive purchase and assumption agreement to acquire approximately $500 million in deposits and 19 Texas bank branches from First Bank, a Missouri state-chartered bank. The deposits to be acquired consist primarily of core deposits.
The deal, announced August 10, 2009, is expected to be completed in the fourth quarter of 2009, subject to regulatory approval and other customary closing conditions.
The Sutherland team is led by Corporate and Financial Services Partner Annette L. Tripp in Houston and includes Real Estate Partner Jennifer R. Van Ness in Atlanta, Energy and Environmental Partner Daniella Landers in Houston, Corporate Associate Xavier D. Jordan in Houston, Tax Associate Vanessa A. Scott in Washington, D.C., and Real Estate Associates Garland L. Reid and Justin Lischak Earley in Atlanta.
SUTHERLAND ASBILL & BRENNAN LLP
Sutherland Asbill & Brennan LLP is a law firm with global reach known for solving challenging business problems and resolving sophisticated legal issues for many of the world’s largest companies. Founded in 1924, the firm handles matters throughout the United States and worldwide. Seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate, and tax—provide the framework for an extensive range of focus areas, allowing Sutherland attorneys to serve a diverse client base that ranges from small and medium-sized start-up businesses to a significant number of Fortune 100 companies.
Acquirer and Target Name, Nation, Business Description:
Sterling Bancshares, Inc., is a Houston-based bank holding company with total assets of $4.9 billion, which operates 60 banking centers in the greater metropolitan areas of Houston, San Antonio, Dallas and Fort Worth, Texas. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "SBIB." For more information on Sterling Bancshares, please visit the Company's Web site at banksterling.com.
First Banks, Inc., the parent company of First Bank, had assets of $10.40 billion at June 30, 2009, and currently operates 210 branch banking offices in California, Florida, Illinois, Missouri and Texas. Through its subsidiary bank, First Bank, the Company offers a broad range of financial products and services to consumers, businesses and institutions. Visit First Banks on the Web at firstbanks.com.
Date Deal Announced: August 10, 2009
Date of Completion (if applicable): Pending
Deal Status: Pending
Which Party Firm Advised: Sterling Bank
Advisory Role: Legal Counsel
Deal Description or Comments (if necessary):
Sterling Bank, a subsidiary of Sterling Bancshares, Inc., has entered into a definitive purchase and assumption agreement to acquire approximately $500 million in deposits and 19 Texas bank branches from First Bank, a Missouri state-chartered bank.
Bidder: Sterling Bank, a subsidiary of Sterling Bancshares, Inc.
Lawyers for Target: John S. Daniels
Lawyers for Bidder: Sutherland Asbill & Brennan LLP