MOUNT LAUREL, N.J., April 17 /PRNewswire-FirstCall/ -- Sterling Bank today reported that the Board of Directors has authorized the formation of Sterling Banks, Inc., to be a New Jersey bank holding company of Sterling Bank.
The reorganization will facilitate enhanced business activity flexibility under the New Jersey Business Corporations Act, and the U.S. Bank Holding Company Act of 1956.
The holding company reorganization requires registration of the newly formed corporation's common stock with the Securities and Exchange Commission. Following the completion of the registration, the company will announce a date for its annual meeting, at which time the reorganization proposal will be subject to a vote of shareholders. This process will cause a delay in the scheduling of the annual meeting, which has in the past been held on the 4th Tuesday of April of each year. Sterling Bank is unable at this time to specifically identify the date that the annual meeting will be scheduled. It is anticipated that this process will be completed by, and that the meeting will be held during, June or July 2006.
The foregoing communication does not constitute an offer to sell any securities and is not a solicitation of an offer to buy any securities. Such an offer or solicitation will only be made by means of a prospectus.
Sterling Bank and its directors and executive officers may be deemed to be participants in the solicitation of proxies from shareholders of the Bank in connection with the election of directors at the 2006 annual meeting of shareholders. Information regarding the names of directors and executive officers and their respective interests in the Bank by security holdings or otherwise is set forth in the Bank's proxy statement relating to the 2005 annual meeting of shareholders, which may be obtained free of charge at the Bank's website at http://www.sterlingnj.com/ or by calling R. Scott Horner, Secretary, at 856 273 5900.
Additional information regarding the interests of such potential participants will be included in the proxy Statement and other relevant documents to be filed with the Federal Reserve Board in connection with the Bank's 2006 annual meeting of shareholders.
The Bank will file a proxy statement with the Federal Reserve Board in connection with its 2006 annual meeting of shareholders, which, when filed, will be available free of charge at the Bank's website address listed above or by calling Mr. Horner at the number listed above. Investors and security holders are advised to read the Bank's proxy statement and the other materials to be filed by the Bank related to the proxy solicitation, when available, because they will contain important information.
Sterling Bank is a community bank headquartered in Burlington County, New Jersey, with assets of $351 million as of December 31, 2005. 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 http://www.sterlingnj.com/.
This news release may contain certain forward-looking statements, such as statements of the 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 the Bank's control). 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). Sterling Bank cautions that the foregoing list of important factors is not exclusive.
