Sterling Bank (Texas)

Sterling Bank is a wholly owned subsidiary of Sterling Bancshares, Inc. (NASDAQ: SBIB), of Houston, Texas. Sterling has total assets of $5 billion and operates 56 banking centers in the greater metropolitan areas of Houston, San Antonio, Dallas, Fort Worth, as well as in the Texas Hill Country. The Bank was founded in 1974 as Jersey Village Bank. Of the bank's 56 banking centers, 13 are in Dallas and Fort Worth, 29 are in Houston, 8 are in San Antonio, and 5 are in the Texas Hill Country.

On January 18, 2011 Sterling Bank announced it will be acquired by Comerica Bank in a stock swap deal valuing Sterling Bank at over $1 billion.

Products and services

Sterling Bank offers business banking products and services including loans, lines of credit, multi-party checking, treasury management, automated clearinghouse functions, account analysis, investment sweep accounts, merchant credit card processing, international banking including letters of credit, export-import financing, investment portfolio management, trust and succession planning, interest bearing checking and IOLTA accounts, factoring, business online banking, Small Business Administration loans, and wire transfers.

Sterling also offers personal banking products, such as interest and noninterest bearing checking, savings, money market accounts, and certificates of deposit. Sterling Bank's personal services include online banking, telephone banking, private banking, and trust and investment management.

In 2009, Sterling Bank elected to participate in the expanded Federal Deposit Insurance Corporation (FDIC) program, which provides depositors with unlimited coverage for non-interest-bearing transaction accounts at participating FDIC-insured institutions through December 2012.[1]

Business accounts

Sterling Bank offers the following types of business accounts:

Personal accounts

Sterling Bank offers the following types of personal banking accounts:

Sterling Bank in the community

In 2010, Sterling launched a grant program called upGrading Texas Classrooms for Mainland Galveston County Schools that involved providing $500 grants to 10 teachers who were nominated by the community as deserving of assistance in equipping their classrooms to advance learning.[2]

2010 was also the fourth consecutive year that Sterling Bank was the presenting sponsor for the Houston Business Journal's four-day event, Celebrate!Enterprise, which recognizes the role entrepreneurship plays in a vibrant economy.

In 2009, Sterling Bank received a Cornerstone Award from the Texas Bankers Foundation for “Saving Lives the Sterling Way,” an effort to increase the blood donations of bank employees. The bank hosted seven blood drives during the year. The 202 units donated had the potential to save over 600 lives and represented a 42 percent increase in units over the previous year. Sterling Bank also donated $1,000 to the Gulf Coast Regional Blood Center to assist with operating costs.

In 2008, Sterling Bankers contributed over 10,000 hours of volunteer service to non-profits in Texas. Corporate financial contributions were awarded to more than 200 deserving non-profit organizations as well. Fifty-three bankers invested 50 or more volunteer hours, earning the right to designate $500 grants for their favorite charities. Also that year, Sterling Bank expanded its March of Dimes campaign to North Texas, leveraging its corporate March of Dimes contribution 4:1. On Friday September 13, 2008, Hurricane Ike hit Houston. All Sterling’s Houston banking centers with power were open for business on the following Monday morning. The bank created specially priced Hurricane Ike Helping Hand Recovery Loans to assist customers with storm repairs. In addition, corporate charitable contributions were immediately hand-delivered to the American Red Cross to quickly meet urgent needs. An internal Ike Relief Fund was established to assist 40 Sterling bankers with urgent, storm-related expenses.

Working at Sterling

Sterling was ranked #53 in Bank Director Magazine’s 2008 Bank Performance Scorecard, and has been cited by Greenwich & Associates for its service quality. The bank has appeared numerous times on FORTUNE Magazine’s list of the 100 Best Companies to Work For. Since 2002, Sterling Bank has appeared eight times in the Houston Business Journal’s Best Places to Work list.[3]

Other branches and subsidiaries

Bank of the Hills is a branch of Sterling Bank that has five locations in the Texas Hill Country

MBM Advisors, Inc. is an operating subsidiary of Sterling Bank, and a full-service specialist in the design, administration, investment management, and communication of retirement plans.

External links

References

  1. ↑ FDIC "Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts", FDIC, December 31, 2009, accessed January 25, 2011.
  2. ↑ upGrading Texas Classrooms "Sterling Bank Launches Grant Program for Mainland Galveston County Schools", Sterling Bank, April 27, 2010, accessed January 25, 2011.
  3. ↑ Houston Business Journal "HBJ Best Places to Work", Houston Business Journal, June 11, 2010, accessed January 25, 2011.

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