PNC Financial acquires Sterling Financial in cash and stock transaction

By Lisa Kerner

Charlotte, N.C., April 4 - PNC Financial Services Group, Inc. announced the completed acquisition of Sterling Financial Corp.

As a result, Sterling shares will no longer be listed on the Nasdaq stock exchange, a PNC news release said.

PNC said the final merger consideration paid to Sterling shareholders is $18.05 per share, or a total of some $224 million in cash and 4.6 million shares of PNC common stock.

Sterling shareholders who elected to receive stock will receive approximately 0.2666 of a share of PNC common stock per share of Sterling common stock for 86.9% of the shares for which the election was made.

The proposed merger was first announced on July 19, 2007.

Sterling is a diversified financial services company based in Lancaster, Pa.

PNC, a retail and business banking company, is based in Pittsburgh.

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