Sterling Bancshares and First Banks have agreed to terminate the purchase and assumption agreement entered into by their subsidiaries, Sterling Bank and First Bank on August 7, 2009, without penalty to either party.
This is a mutual decision by the parties after it was determined that the transaction could not be completed by December 31, 2009, as contemplated by the purchase agreement.
In a joint statement, Terrance McCarthy, president and CEO of First Banks, and Downey Bridgwater, chairman, president and CEO of Sterling, said: “While we believe this transaction could still be beneficial to both companies, the current environment has made obtaining regulatory approval a longer than anticipated process, and we have reached the point where it is in the best interest of both of our franchises to terminate the agreement and proceed forward.”
