Sterling Financial to Buy First Independent Bank

Sterling Financial Corp., which is backed by Warbug Pincus and Thomas H. Lee Partners, said Monday that it would buy First Independent Bank to boost its presence in Portland and Vancouver in the U.S. Pacific Northwest, Reuters reported. Under the terms of agreement, Sterling Savings Bank would initially pay a premium of $8 million to the net value of the acquired assets and assumed liabilities of the 100-year-old bank, Reuters wrote.

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