Commerce National Bank Announces That All Regulatory Approvals Have Been
Received for Its Merger With Sterling Bank
NEWPORT BEACH, CA -- (Marketwired) -- 09/24/13 -- Commerce National
Bank (OTCQB: CNBF) ("CNB") announced today that all regulatory
approvals have been received for its merger with and into Sterling
Savings Bank, the principal operating subsidiary of Sterling
Financial Corporation (NASDAQ: STSA) ("Sterling").
Subject to the closing conditions contained in the merger agreement,
at the closing of the merger Sterling shall acquire CNB for cash
consideration of $15.10 per common share. Including the planned
redemption of outstanding CNB stock options and warrants for cash,
the aggregate transaction value is approximately $42.9 million.
The transaction was approved by the shareholders of CNB at its
meeting on July 19, 2013, and all regulatory approvals have now been
received. It is anticipated that the merger will be effective as of
October 1, 2013. After completion of the merger, CNB will continue to
operate under its current name until November 4, 2013, after which it
will adopt the Argent Bank brand. CNB clients should continue to
conduct their banking business as usual, i.e., using CNB's existing
offices, checks, account numbers, online banking for both corporate
and small businesses, remote deposit capture, wire and ACH
origination, positive pay and mobile banking, until receiving direct
notice from Sterling.
Mark Simmons, president and chief executive officer of CNB, said, "We
are pleased that Sterling has received all necessary regulatory
approvals and that the transaction will be closing on October 1."
Certain statements in this press
release, including, without limitation, statements as to the impact
of the acquisition transaction, statements as to CNB management's
beliefs, expectations or opinions, and all other statements in this
press release, other than historical facts, are "forward-looking
statements" and are intended to be covered by the safe harbor
provided by the Private Securities Litigation Reform Act of 1995.
When used in this release, the words "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions are generally intended to identify forward-looking
statements. Actual results may differ materially from the results
discussed in these forward-looking statements because such statements
are inherently subject to significant assumptions, risks and
uncertainties, many of which are difficult to predict and are
generally beyond CNB's control. These risks and uncertainties
include, but are not limited to, the ability of CNB and Sterling to
satisfy the customary closing conditions for completion of the merger
within the timeframe described above and on the terms summarized
above or other acceptable terms, or at all.
About Commerce National Bank
Commerce National Bank (CNB) of
Newport Beach, Calif., is a nationally chartered and federally
insured commercial bank that specializes in business banking,
including SBA and equipment leasing. As of June 30, 2013, CNB had
assets of $235.6 million. Visit its website at
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