Sterling Bank Announces Proposed Holding Company Reorganization
April 17 2006 - 6:42PM
PR Newswire (US)
MOUNT LAUREL, N.J., April 17 /PRNewswire-FirstCall/ -- Sterling
Bank (NASDAQ:STNJ) today reported that the Board of Directors has
authorized the formation of Sterling Banks, Inc., to be a New
Jersey bank holding company of Sterling Bank. The reorganization
will facilitate enhanced business activity flexibility under the
New Jersey Business Corporations Act, and the U.S. Bank Holding
Company Act of 1956. The holding company reorganization requires
registration of the newly formed corporation's common stock with
the Securities and Exchange Commission. Following the completion of
the registration, the company will announce a date for its annual
meeting, at which time the reorganization proposal will be subject
to a vote of shareholders. This process will cause a delay in the
scheduling of the annual meeting, which has in the past been held
on the 4th Tuesday of April of each year. Sterling Bank is unable
at this time to specifically identify the date that the annual
meeting will be scheduled. It is anticipated that this process will
be completed by, and that the meeting will be held during, June or
July 2006. The foregoing communication does not constitute an offer
to sell any securities and is not a solicitation of an offer to buy
any securities. Such an offer or solicitation will only be made by
means of a prospectus. Sterling Bank and its directors and
executive officers may be deemed to be participants in the
solicitation of proxies from shareholders of the Bank in connection
with the election of directors at the 2006 annual meeting of
shareholders. Information regarding the names of directors and
executive officers and their respective interests in the Bank by
security holdings or otherwise is set forth in the Bank's proxy
statement relating to the 2005 annual meeting of shareholders,
which may be obtained free of charge at the Bank's website at
http://www.sterlingnj.com/ or by calling R. Scott Horner,
Secretary, at 856 273 5900. Additional information regarding the
interests of such potential participants will be included in the
proxy Statement and other relevant documents to be filed with the
Federal Reserve Board in connection with the Bank's 2006 annual
meeting of shareholders. The Bank will file a proxy statement with
the Federal Reserve Board in connection with its 2006 annual
meeting of shareholders, which, when filed, will be available free
of charge at the Bank's website address listed above or by calling
Mr. Horner at the number listed above. Investors and security
holders are advised to read the Bank's proxy statement and the
other materials to be filed by the Bank related to the proxy
solicitation, when available, because they will contain important
information. Sterling Bank is a community bank headquartered in
Burlington County, New Jersey, with assets of $351 million as of
December 31, 2005. Sterling Bank's main office is located in Mount
Laurel, New Jersey and its six other Community Banking Centers are
located in Burlington and Camden Counties in New Jersey. Sterling
Bank began operations in December 1990 with the purpose of serving
consumers and small to medium-sized businesses in its market area.
The Bank's deposits are insured to the applicable regulatory limits
per depositor by the Federal Deposit Insurance Corporation.
Sterling Bank is a member of the Federal Reserve System. The common
stock of Sterling Bank is traded on the NASDAQ Capital Market under
the symbol "STNJ". For additional information about Sterling Bank
visit our website at http://www.sterlingnj.com/. This news release
may contain certain forward-looking statements, such as statements
of the Bank's plans, objectives, expectations, estimates and
intentions. Forward-looking statements may be identified by the use
of words such as "expects," "subject," "believe," "will,"
"intends," "will be" or "would." These statements are subject to
change based on various important factors (some of which are beyond
the Bank's control). Readers should not place undue reliance on any
forward-looking statements (which reflect management's analysis
only as of the date of which they are given). Sterling Bank
cautions that the foregoing list of important factors is not
exclusive. DATASOURCE: Sterling Bank CONTACT: Robert H. King,
President, +1-856-273-5900 or , or R. Scott Horner, Executive Vice
President, +1-856-273-5900 or , both of Sterling Bank Web site:
http://www.sterlingnj.com/
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