Sterling Bank & Trust FSB’s Sale of Bellevue Branch

Arnold & Porter Kaye Scholer LLP advised Sterling Bank and Trust FSB on the deal.

Sterling Bank and Trust FSB, the bank subsidiary of Sterling Bancorp Inc., announced the sale of its Bellevue, Washington branch to First Federal Savings & Loan Association, a Washington state-chartered bank. The sale includes the transfer of approximately $78 million in deposit accounts, all branch premises and equipment, and a provision that First Federal intends to offer employment to all branch-associated staff.

The deal was announced on March 22, 2021 and is expected to close in the first half of 2021 subject to applicable regulatory approvals and other customary closing conditions.

The Arnold & Porter team was led by partner Rob Azarow (Picture). The team also included Corporate & Finance counsel Stephanie Nygard and associate John Fiorenzo; Financial Services senior associate Anthony Raglani; Tax partner Laurie Abramowitz and associate Anna Parnes; Compensation & Benefits counsel Kathleen Wechter and associate Kathryn Geoffroy; and Real Estate counsel Victoria Frankenburg.

Involved fees earner: Laurie Abramowitz – Arnold & Porter Kaye Scholer LLP; Robert Azarow – Arnold & Porter Kaye Scholer LLP; John Fiorenzo – Arnold & Porter Kaye Scholer LLP; Victoria Frankenburg – Arnold & Porter Kaye Scholer LLP; Kathryn Geoffroy – Arnold & Porter Kaye Scholer LLP; Stephanie Nygard – Arnold & Porter Kaye Scholer LLP; Anna Parnes – Arnold & Porter Kaye Scholer LLP; Anthony Raglani – Arnold & Porter Kaye Scholer LLP; Kathleen Wechter – Arnold & Porter Kaye Scholer LLP;

Law Firms: Arnold & Porter Kaye Scholer LLP;

Clients: Sterling Bank and Trust FSB;

Author: Martina Bellini