Announces Final Consideration
PITTSBURGH, April 4, 2008 /PRNewswire-FirstCall/ -- The PNC Financial
Services Group, Inc. (NYSE: PNC) announced today that it has completed its
acquisition of Sterling Financial Corporation. Shares of Sterling will no
longer be listed on the NASDAQ stock exchange.
The value of the final merger consideration to be received by Sterling
shareholders is $18.05 per share based on the terms of the merger
agreement. Sterling shareholders will receive an aggregate of approximately
$224 million in cash and 4.6 million shares of PNC common stock.
Sterling shareholders who made a valid stock election will receive
approximately .2666 of a share of PNC common stock per share of Sterling
common stock for approximately 86.9 percent of the shares for which they
made such election, with any fractional shares of PNC common stock paid in
cash, and $18.05 per share in cash for the remaining shares of Sterling
common stock covered by such election. All shareholders who made a valid
cash election or no election will receive $18.05 in cash for each share of
Sterling common stock.
Sterling affiliate banks, including Bank of Lancaster County, Bank of
Lebanon County, Bank of Hanover, Bay First Bank, PennSterling Bank,
Pennsylvania State Bank, and Delaware Sterling Bank & Trust Company will
continue normal operations under those names. All customers of those banks
should continue to use their branches and services as usual and now have
access to free withdrawals from PNC's network of 3,900 ATMs. PNC will
provide comprehensive information to customers prior to conversion of
Sterling affiliate branches to PNC Bank branches in the third quarter of
2008.
The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of
the nation's largest diversified financial services organizations providing
retail and business banking; specialized services for corporations and
government entities, including corporate banking, real estate finance and
asset-based lending; wealth management; asset management and global fund
services.
SOURCE The PNC Financial Services Group, Inc.
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Related links:
http://www.pnc.com
http://www.prnewswire.com/comp/701257.html/
CONTACT:
Media: Fred Solomon, +1-412-762-7544,
corporate.communications@pnc.com; or Investors: William H.
Callihan, +1-412-762-8257, investor.relations@pnc.com, both of
The PNC Financial Services Group, Inc.
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