Sterling shareholders say 'yes' to merger with PNC

By Lisa Kerner

Charlotte, N.C., March 26 - Sterling Financial Corp. said its shareholders approved the company's merger with and into the PNC Financial Services Group, Inc. at a special meeting on Wednesday.

The proposed merger with PNC was announced on July 19, 2007 and is expected to close in early April, according to a Sterling Financial news release.

It was previously reported that PNC agreed to acquire Sterling in a stock and cash transaction valued at $565 million, or about $19.00 per share.

Sterling shareholders would receive the equivalent of 0.1543 of a share of PNC common stock and $7.60 in cash per share of Sterling common stock, a prior news release said.

Shareholders had until March 25 to elect to receive consideration in shares of PNC common stock or in cash, subject to proration.

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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