LawFuel.com – Law News Daily – Davis Polk is advising Sterling Financial Corporation in connection with the sale ofsix bank branches in Oregon by its principal operating subsidiary Sterling Savings Bank to Banner Bank, a wholly owned subsidiary of Banner Corporation. The purchase of the branches, which is expected to be completed in June 2014, is subject to the consummation of the previously announced merger between Sterling Financial Corporation and Umpqua Holdings Corporation, regulatory approval and the satisfaction of other customary closing conditions.
Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a Washington state chartered and federally insured commercial bank. Banner Corporation is a $4.39 billion bank holding company operating two commercial banks in Washington, Oregon and Idaho.
The Davis Polk corporate team includes partner William L. Taylor, counsel Ajay B. Lele, and associates Leo Borchardt and Ravi P. Ramchandani. Partner Margaret E. Tahyar and associate Alexander Young-Anglim are providing financial institutions advice. All members of the Davis Polk deal team are based in the New York office.