The transaction, which will strengthen the acquirer’s presence in the Puget Sound area with offices located in Seattle, Bellevue and Redmond, has already been approved by the boards of directors of both firms.
As of 30 September 2012, these offices had aggregate loans of nearly $270m and deposits of $190m, according to the acquirer.
Satisfying customary closing conditions and pending regulatory approval, the transaction is expected to close during the first half of 2013.
Following completion of the deal, all three of Boston Private’s Seattle-area offices will operate under the brand name Sterling Bank.
In addition to the net acquired asset value, Sterling will pay Boston Private a franchise premium of $11m as consideration for the transaction.
Sterling Financial president and CEO Greg Seibly said Boston Private’s Pacific Northwest operations include both a high-quality, relationship-based loan portfolio and a core deposit base.
Bingham McCutchen acted as the legal advisor to Sterling on the transaction.
