Under the terms of the deal, Sterling is set to merge with and into Umpqua. The transaction is set to have a total value of approximately USD 2 billion.
Upon completion of the merger, the company is set to operate under the Umpqua Bank name and brand. It will continue to deliver an array of products and expertise in retail, small business, private and corporate banking, asset and wealth management and securities brokerage.
Completion is expected during H1 2014 and is subject to approval by each company’s shareholders, regulatory approvals and other customary closing conditions.
In recent news, Sterling Financial Corporation (STSA) has rolled out a new mobile banking suite for customers, enabling them to manage accounts and execute personal banking services with a mobile phone or a tablet using its bank mobile application.
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