Arnold & Porter advised Sterling Bank and Trust FSB, the bank subsidiary of Sterling Bancorp Inc., on 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. 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.