Monday, July 20, 2009

Sterling Financial to offer, well... anything you'll buy (STSA)

AlphaNinja - Just trying to bring a little humor to the regional bank sector.

Sterling Financial (STSA) of Spokane Washington filed a few minutes ago to offer $500million in securities, a notable amount seeing as the company's market value is under $200million. They have been clobbered by the residential and commercial lending market, and are only solvent depending on how generous one is with their accounting.

That said, I hope this is a "save the day" financing -->> meaning that their stock has discounted the possibility of collapse for some time now, and a dilutive financing, ugly as it might be, would save the stockholders in the long run.

We'll see. The smorgasbord of securities being offered:

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