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In 2012, the company changed the name of its bank from Sterling Savings Bank to Sterling Bank and laid off 6% of its workforce. [8] In March 2013, the company acquired American Heritage Holdings for $6.5 million. [9] In May 2013, the company acquired the Seattle-area operations of Boston Private Bank & Trust Company. [10]
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The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.
All of the affected branch offices were located in Northern California. [51] [52] In March 1991, Great Western announced the pending acquisition of the deposits and 28 branches of the failed Irvine-based Lincoln Savings and Loan Association from the Resolution Trust Corporation for $12.1 million. [53] [54]
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Charter Bank, 6 branches, Albuquerque, New Mexico, 2011 [8] South Valley Bancorp Inc., Klamath Falls, Oregon, 2012 [9] 51 branches from Bank of America in Washington, Oregon, Idaho, and New Mexico, 2013; 23 branches from Bank of America in Arizona and Nevada, 2014 [10] Luther Burbank Savings in California and Washington, March 2024. [11]