HOUSTON, Nov. 17 TX-SterlingBancshares
HOUSTON, Nov. 17 /PRNewswire-FirstCall/ -- Sterling Bancshares, Inc. (Nasdaq: SBIB) announced today that it has filed an application to participate in the U.S. Department of Treasury's voluntary Capital Purchase Program ("CPP" or "Program"). Sterling has applied for the full amount under the Program, which is 3% of risk-weighted assets or approximately $125 million.
"We have applied to participate in the Treasury's Capital Purchase Program," commented J. Downey Bridgwater, Sterling's Chairman, President, & Chief Executive Officer. "The additional capital would enhance our capital levels and better position Sterling to continue its strategy of carefully growing loans and deposits, building new branches, and making acquisitions. We will continue to do our part to encourage growth and investment in our local Texas economies by making loans and by providing a full complement of banking and financial services to small and medium size businesses as well as to those individuals who work and live around our locations."
Bridgwater added, "Sterling continues to be well-capitalized with capital levels exceeding all regulatory requirements. Although we are considering participating in the CPP to further strengthen Sterling's capital base and further support the customers in our markets, we do not believe that participation in the CPP is necessary for Sterling to maintain its well-capitalized status."
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are based on beliefs and assumptions of management at the time that this release was prepared. The Company does not assume any obligation to update the forward-looking statements. There are several factors, many beyond the Company's control, that could cause results to differ significantly from expectations including: adverse changes in the loan portfolio and the resulting credit risk-related losses and expenses; potential inadequacy of the allowance for credit losses; the ability to maintain or improve origination volumes; competitive influences on product pricing; and the ability to integrate acquisitions and realize expected cost savings and revenue enhancements. Additional factors can be found in the Company's 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's web site (www.sec.gov).
About Sterling Bancshares
Sterling Bancshares, Inc. is a Houston-based bank holding company with total assets of $4.9 billion, which operates 59 banking centers in the greater metropolitan areas of Houston, San Antonio, Dallas and Fort Worth, Texas. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "SBIB". For more information on Sterling Bancshares, please visit the Company's web site at http://www.banksterling.com.
For More Information Contact:
J. Downey Bridgwater, Chairman,
President & Chief Executive
Officer, (713) 507-2670
Zach L. Wasson, Executive Vice
President & Chief Financial
Officer, (713) 507-1297
SOURCE Sterling Bancshares, Inc.
