Sterling Bank Provides Update Regarding Regulatory Matters
December 07 2006 - 5:14PM
PR Newswire (US)
MOUNT LAUREL, N.J., Dec. 7 /PRNewswire-FirstCall/ -- Sterling Bank
(NASDAQ:STNJ) announced that due to the expected timing of
regulatory approvals relating to the formation of a holding
company, Sterling Banks, Inc., and the acquisition of Farnsworth
Bancorp, Inc., the completion of the transactions is not expected
to occur in 2006 as previously anticipated. However, Sterling Bank
hopes to complete the holding company reorganization and the merger
during the first quarter of 2007, subject to shareholder and
regulatory approval. Sterling Bank is a community bank
headquartered in Burlington County, New Jersey, with assets of $335
million as of September 30, 2006. 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," "believes," "hopes," "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, and its directors and
executive officers, may be deemed to be "participants" in Sterling
Bank's solicitation of proxies in connection with the proposed
holding company reorganization and merger. Information regarding
the names of directors and executive officers and their respective
interests in Sterling Bank by security holdings or otherwise is set
forth in Sterling Bank's proxy statement relating to the 2006
annual meeting of shareholders, which may be obtained free of
charge at Sterling Bank's website at http://www.sterlingnj.com/ or
by calling R. Scott Horner, Secretary, at 865- 273-5900. Sterling
Banks, Inc. amended its Registration Statement on Form S-4,
originally filed with the Securities and Exchange Commission (SEC)
on April 28, 2006 (File No. 333-133649), which now contains the
definitive proxy materials of Farnsworth Bancorp, Inc. and Sterling
Bank and certain other information regarding Sterling Bank.
Sterling Bank has also filed its proxy materials with the Federal
Reserve Board. These proxy materials describe the material details
of the holding company reorganization and merger. Investors can
obtain a copy of Sterling Bank's proxy materials free of charge at
the SEC's Web site at http://www.sec.gov/. Investors are urged to
carefully read the proxy materials when filed with the SEC because
they will contain important information. Investors should read the
proxy materials before making a decision regarding the merger. 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 will only be made by means of a
prospectus. DATASOURCE: Sterling Bank CONTACT: Robert H. King,
President, +1-856-273-5900, ; or R. Scott Horner, Executive Vice
President, +1-856-273-5900, , both of Sterling Bank Web site:
http://www.sterlingnj.com/
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