EX-99.1
2
ex99-1.htm
EXHIBIT 99.1
Exhibit 99.1
News
Release
FOR
IMMEDIATE RELEASE
DATE:
March
16, 2007
CONTACT:
Robert
H. King,
R.
Scott Horner,
President
Executive
Vice President
856
273 5900
856
273 5900
rking@sterlingnj.com
shorner@sterlingnj.com
Sterling
Bank Completes Holding Company Reorganization and Acquisition of Farnsworth
Bancorp, Inc.
Mt
Laurel, NJ- Sterling Bank (NASDAQ:
STNJ) today announced the completion of its reorganization into a holding
company structure and the simultaneous completion of the acquisition of
Farnsworth Bancorp, Inc. and its subsidiary, Peoples Savings Bank. Sterling
Banks, Inc. is the new holding company for Sterling Bank, which will acquire
all
of the operations of Peoples Savings Bank. The combined organizations will
operate 11 branches in Burlington and Camden Counties, New Jersey. Effective
March 19, 2007, Sterling Banks, Inc. will commence trading on the NASDAQ Capital
Market under the ticker symbol STBK.
Robert
H.
King, President and Chief Executive Officer of Sterling Bank, said, "We are
pleased to have concluded these two transforming events for Sterling Bank.
It
has been a long process since we commenced the effort to form a holding company
in April 2006, but we are confident that our new holding company structure
and
the expansion resulting from the addition of Peoples Savings Bank will improve
our operating platform, and serve as a basis for the enhancement of shareholder
value as we move forward".
Shareholders
of Sterling Bank will receive one share of common stock of Sterling Banks,
Inc.
for each share of Sterling Bank that they currently hold. The conversion of
shares of Sterling Bank into shares of Sterling Banks, Inc. occurred without
the
physical exchange of certificates, and certificates formerly representing shares
of Sterling Bank are deemed to represent shares of Sterling Banks, Inc. As
a
result, shareholders of Sterling Bank became shareholders of Sterling Banks,
Inc. and have the same number of shares and percentage ownership and the same
rights, privileges and interests with respect to Sterling Banks, Inc. that
they
held in Sterling Bank immediately prior to the reorganization. The holding
company reorganization is tax free to all shareholders.
As
previously announced, Farnsworth shareholders who made elections to receive
common stock of Sterling Banks, Inc., cash, or a combination thereof, will
receive the merger consideration they elected. Outstanding shares of Farnsworth
common stock that were not subject to a properly-made election will be converted
into a combination of Sterling Banks, Inc. stock and cash, with 25.038 % of
such
shares held by each holder thereof being converted into stock, and 74.961%
being
converted into cash.
Sterling
also announced the appointment of two former Farnsworth directors to the Board
of Sterling, as contemplated by the merger agreement between Sterling and
Farnsworth. G. Edward Koenig, Jr. and John J. Maley, Jr. were appointed as
directors of Sterling effective March 16, 2007. Mr. Koenig is a licensed real
estate agent and a long time director (1981) of Farnsworth. He also sits on
the
Burlington County Military Affairs Committee Executive Board. Mr. Maley, a
Certified Public Accountant, is principal of a public accounting firm, and
has
been a director of Farnsworth since 2004. A. Theodore Eckenhoff, Chairman of
the
Board of Sterling Bank noted, "We are pleased to add these quality individuals
to Sterling's board and look forward to their assistance regarding the
integration of Peoples Savings Bank, and their participation in the ongoing
development of Sterling Bank's, Inc".
Sterling
Bank is a community bank headquartered in Burlington County, New Jersey.
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.
This
news
release may contain certain forward-looking statements, such as statements
of
Sterling Bank's plans, objectives, expectations, estimates and intentions.
Forward-looking statements may be identified by the use of words such as
"expects", "subject", "believe", "will", "intends", "will be" or "would." These
statements are subject to change based on various important factors (some of
which are beyond Sterling Bank's control) and actual results may differ
materially. Accordingly, 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). These factors include general economic
conditions, trends in interest rates, the ability of our borrowers to repay
their loans, the ability of Sterling Bank to effectively manage its growth,
and
results of regulatory examinations, among other factors. Sterling Bank cautions
that the foregoing list of important factors is not exclusive. Readers should
carefully review the risk factors described in other documents Sterling Bank
files from time to time with the Federal Reserve, including its Annual Report
on
Form 10-KSB for the year ended December 31, 2005, Quarterly Reports on Form
10-QSB, and Current Reports on Form 8-K.

EX - 99 . 1 2 ex99 - 1 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 News Release FOR IMMEDIATE RELEASE DATE : March 16 , 2007 CONTACT : Robert H . King , R . Scott Horner , President Executive Vice President 856 273 5900 856 273 5900 rking@sterlingnj.com shorner@sterlingnj.com Sterling Bank Completes Holding Company Reorganization and Acquisition of Farnsworth Bancorp , Inc . Mt Laurel , NJ - Sterling Bank ( NASDAQ : STNJ ) today announced the completion of its reorganization into a holding company structure and the simultaneous completion of the acquisition of Farnsworth Bancorp , Inc . and its subsidiary , Peoples Savings Bank . Sterling Banks , Inc . is the new holding company for Sterling Bank , which will acquire all of the operations of Peoples Savings Bank . The combined organizations will operate 11 branches in Burlington and Camden Counties , New Jersey . Effective March 19 , 2007 , Sterling Banks , Inc . will commence trading on the NASDAQ Capital Market under the ticker symbol STBK . Robert H . King , President and Chief Executive Officer of Sterling Bank , said , " We are pleased to have concluded these two transforming events for Sterling Bank . It has been a long process since we commenced the effort to form a holding company in April 2006 , but we are confident that our new holding company structure and the expansion resulting from the addition of Peoples Savings Bank will improve our operating platform , and serve as a basis for the enhancement of shareholder value as we move forward " . Shareholders of Sterling Bank will receive one share of common stock of Sterling Banks , Inc . for each share of Sterling Bank that they currently hold . The conversion of shares of Sterling Bank into shares of Sterling Banks , Inc . occurred without the physical exchange of certificates , and certificates formerly representing shares of Sterling Bank are deemed to represent shares of Sterling Banks , Inc . As a result , shareholders of Sterling Bank became shareholders of Sterling Banks , Inc . and have the same number of shares and percentage ownership and the same rights , privileges and interests with respect to Sterling Banks , Inc . that they held in Sterling Bank immediately prior to the reorganization . The holding company reorganization is tax free to all shareholders . As previously announced , Farnsworth shareholders who made elections to receive common stock of Sterling Banks , Inc . , cash , or a combination thereof , will receive the merger consideration they elected . Outstanding shares of Farnsworth common stock that were not subject to a properly - made election will be converted into a combination of Sterling Banks , Inc . stock and cash , with 25 . 038 % of such shares held by each holder thereof being converted into stock , and 74 . 961 % being converted into cash . Sterling also announced the appointment of two former Farnsworth directors to the Board of Sterling , as contemplated by the merger agreement between Sterling and Farnsworth . G . Edward Koenig, Jr. and John J. Maley, Jr. were appointed as directors of Sterling effective March 16 , 2007 . Mr . Koenig is a licensed real estate agent and a long time director ( 1981 ) of Farnsworth . He also sits on the Burlington County Military Affairs Committee Executive Board . Mr . Maley , a Certified Public Accountant , is principal of a public accounting firm , and has been a director of Farnsworth since 2004 . A . Theodore Eckenhoff , Chairman of the Board of Sterling Bank noted , " We are pleased to add these quality individuals to Sterling 's board and look forward to their assistance regarding the integration of Peoples Savings Bank , and their participation in the ongoing development of Sterling Bank ' s , Inc " . Sterling Bank is a community bank headquartered in Burlington County , New Jersey . 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 . This news release may contain certain forward - looking statements , such as statements of Sterling Bank 's plans , objectives , expectations , estimates and intentions . Forward - looking statements may be identified by the use of words such as " expects " , " subject " , " believe " , " will " , " intends " , " will be " or " would . " These statements are subject to change based on various important factors ( some of which are beyond Sterling Bank 's control ) and actual results may differ materially . Accordingly , 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 ) . These factors include general economic conditions , trends in interest rates , the ability of our borrowers to repay their loans , the ability of Sterling Bank to effectively manage its growth , and results of regulatory examinations , among other factors . Sterling Bank cautions that the foregoing list of important factors is not exclusive . Readers should carefully review the risk factors described in other documents Sterling Bank files from time to time with the Federal Reserve , including its Annual Report on Form 10 - KSB for the year ended December 31 , 2005 , Quarterly Reports on Form 10 - QSB , and Current Reports on Form 8 - K .
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