Bay First Bank to Serve Cecil and Harford Counties in Maryland
28 October 2006 - 12:32AM
PR Newswire (US)
NORTH EAST, Md., Oct. 27 /PRNewswire-FirstCall/ -- North East-based
First National Bank of North East and Bel Air, Md.-based Bay Net A
Community Bank have come together to serve Cecil, Harford and
neighboring counties in Maryland under the new name Bay First Bank.
This follows the closing today of the acquisition of Bel Air-based
Bay Net Financial, Inc., by Sterling Financial Corporation
(NASDAQ:SLFI) of Lancaster, Pa. "With Bay First Bank, we have an
organization that is committed to serving existing and emerging
markets with the same personal attention to detail that has gained
both banks a solid presence in northern Maryland," said Michael P.
Gavin, the president and chief executive officer of Bay First Bank.
"The union of these two well-established institutions allows us to
focus even more on delivering a broad base of financial services to
individuals and businesses. We are proud of the success of both Bay
Net and First National Bank of North East and look forward to
operating under the Bay First Bank name." Sterling announced its
plans to purchase Bay Net Financial on March 31, 2006. The closing
today followed board and regulatory approvals. Gavin said existing
First National Bank of North East and Bay Net signs are being
changed to Bay First Bank at the bank's six branches: two in
Elkton, two in North East, one in Bel Air and one in Perryville.
North East will be the headquarters for Bay First Bank, and a local
board will be made up of directors from First National Bank of
North East and Bay Net A Community Bank. Gavin said the name Bay
First Bank was chosen after gathering input from customers,
prospective customers and employees. "It reflects the heritage of
both banks as well as the Chesapeake Bay -- the most prominent
geographic feature in this region," Gavin added. With assets of
approximately $3.1 billion and investment assets under
administration of $2.8 billion, Sterling Financial Corporation
(NASDAQ:SLFI) is a diversified financial services company based in
Lancaster, Pa. Sterling Banking Services Group affiliates offer a
full range of banking services in south-central Pennsylvania,
northern Maryland and northern Delaware; the group also offers
correspondent banking services in the mid-Atlantic region to other
companies within the financial services industry. Sterling
Financial Services Group affiliates provide specialty commercial
financing; fleet and equipment leasing; investment, trust and
brokerage services; insurance services; and human resources
consulting services. Visit http://www.sterlingfi.com/ for more
information. Banking Services Group -- Banks: Pennsylvania: Bank of
Lancaster County, N.A.; Bank of Lebanon County; PennSterling Bank;
and Pennsylvania State Bank. Pennsylvania and Maryland: Bank of
Hanover and Trust Company. Maryland: Bay First bank (formerly Bay
First A Community Bank and First National Bank of North East).
Delaware: Delaware Sterling Bank & Trust Company. Correspondent
banking services: Correspondent Services Group (provider of
Sterling services to other financial institutions). Financial
Services Group -- Specialty commercial financing: Equipment Finance
LLC (commercial financing company for the forestry, land clearing
and construction industries). Fleet and equipment leasing: Town
& Country Leasing, LLC (nationwide fleet and equipment leasing
company). Trust, investment and brokerage services: Sterling
Financial Trust Company (trust and investment services), Church
Capital Management, LLC (registered investment advisor) and
Bainbridge Securities Inc. (securities broker/dealer). Insurance
services: Lancaster Insurance Group, LLC (independent insurance
agency for personal, property and business insurance);
StoudtAdvisors (employee benefits consulting and brokerage firm);
and Sterling Financial Settlement Services, LLC (title insurance
agency). Human resources consulting: Professional Services Group
(human resources consulting services provider for small to medium
size businesses). This news release may contain forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Actual results and trends could differ materially from
those set forth in such statements due to various factors. Such
factors include costs and efforts required to integrate aspects of
the operations of the companies being more difficult than expected,
anticipated merger-related synergies not being achieved timely or
not being achieved at all, the possibility that increased demand or
prices for Sterling's financial services and products may not
occur, changing economic and competitive conditions, volatility in
interest rates, technological developments, costs associated with
complying with laws, rules and regulations, and other risks and
uncertainties, including those detailed in Sterling's filings with
the Securities and Exchange Commission. DATASOURCE: Sterling
Financial Corporation CONTACT: Joe Patterson, Vice President,
Director of Corporate Communications, Sterling Financial
Corporation, +1-717-735-5651 (office), +1-717-940-2759 (mobile) or
Web Site: http://www.sterlingfi.com/
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