Updated Tuesday, December 18, 2012 at 11:20 AM
Sterling Savings Bank in Spokane is buying three Seattle-area branches of Boston Private Bank & Trust Co., beefing up its wealth management and commercial banking portfolios, officials said Monday.
The transaction, which is expected to close in the first half of 2013, will add Boston Private’s offices in Seattle, Bellevue and Redmond to Sterling’s presence in the Puget Sound region.
As of Sept. 30, the three local offices had total loans of about $270 million and deposits of $190 million. When the all-cash deal closes, Boston Private will receive an $11 million premium plus $85 million, the difference between the branches’ assets and liabilities, a Sterling official said.
