NEWPORT BEACH, CA--(Marketwired - Jul 31, 2013) - Commerce National Bank (
Subject to the terms of the merger agreement, at the closing of the merger Sterling will acquire CNB for cash consideration of $15.10 per common share. Including the planned redemption of outstanding CNB stock options and warrants for cash, the aggregate transaction value is approximately $42.9 million.
The transaction was approved by the shareholders of CNB at its meeting on July 19, 2013, and remains subject to approval by bank regulatory agencies, and other customary conditions of closing. It is expected to be completed during the fourth quarter of 2013.
Mark Simmons, president and chief executive officer of CNB, said, "We are pleased that our shareholders have shown strong support for the transaction, and look forward to closing this transaction with Sterling."
Forward-Looking Statements Certain statements in this press release, including, without limitation, statements as to the impact of the acquisition transaction, statements as to the CNB's or Sterling's management beliefs, expectations or opinions, and all other statements in this press release, other than historical facts, are "forward-looking statements" and are intended to be covered by the safe harbor provided by the Private Securities Litigation Reform Act of 1995. When used in this release, the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond CNB's control. These risks and uncertainties include, but are not limited to, the ability of Sterling and CNB to complete the proposed acquisition transaction on the terms summarized above or other acceptable terms, or at all, due to a number of factors, including the receipt of required regulatory approvals or the satisfaction of other customary closing conditions.
About Sterling Financial Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a Washington state chartered and federally insured commercial bank. Sterling Savings Bank does business as Sterling Bank and, in California, Sonoma Bank and Borrego Springs Bank. Sterling offers banking products and services, mortgage lending, and trust and investment products to individuals, small businesses, corporations and other commercial organizations. As of June 30, 2013, Sterling had assets of $9.9 billion and operated depository branches in Washington, Oregon, Idaho and California. Visit Sterling's website at www.bankwithsterling.com .
About Commerce National Bank Commerce National Bank (CNB) of Newport Beach, Calif., is a nationally chartered and federally insured commercial bank that specializes in business banking, including SBA and equipment leasing. As of June 30, 2013, CNB had assets of $235.6 million. Visit its website at www.commercenatbank.com .
Contact: Mark Simmons President/CEO Phone: 949-870-3860 Fax: 949-870-4499
