By MyBankTracker  Tue Dec 18, 2012

Sterling Savings Buys 3 Branches in Seattle from Boston Private

Sterling Savings Bank will purchase the three Seattle branches of Boston Private, a financial services group that operates mainly out of the East Coast area, reports The Spokesman-Review.

Boston Review officials said that the “branches were too distant from the company’s East Coast offices.” In prepared remarks, president and CEO of Sterling Financial Greg Seibly says, “This transaction is in perfect alignment with our strategic focus on building out our commercial banking presence in key West Coast metropolitan areas.”

The sale will close in the first half of 2013, pending regulatory review. Sterling will pay approximately $96 million for the acquisition.

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