Sterling Financial Corp., the Spokane-based parent of Sterling Bank, announced today that the bank has agreed to acquire the Seattle-area operations of Boston Private Bank & Trust Co.
The Puget Sound offices of Boston Private are located in Seattle, Bellevue, and Redmond, Wash. As of Sept. 30, the three offices had $270 million in loans and $190 million in deposits. Sterling will pay an $11 million premium for the operations in addition to the net acquired asset value.
The transaction is expected to be completed in the first quarter of 2013, subject to regulatory approval and other conditions. Once the transaction is completed, the Boston Private branches will operate under the Sterling name.
Sterling President and CEO Greg Seibly said in a press release, "This transaction is in perfect alignment with our strategic focus on building out our commercial banking presence in key West Coast metropolitan areas."
Sterling, which had $9.5 billion in assets as Sept. 30, currently operates about 180 branches throughout Washington, Idaho, Oregon, and California. Earlier this year, the company sold its seven branches in Montana to Helena, Mont.-based Eagle Bancorp Montana Inc.