Sterling Financial sets meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Feb. 12 - Sterling Financial Corp. shareholders will vote on the company's merger with PNC Financial Services Group, Inc. at a special meeting on March 26 at 10:30 a.m. ET.

The distribution of proxy materials will begin later in the week, according to a Sterling 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.

Both companies' boards of directors have approved the deal.

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. Shareholders can 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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