Deloitte Corporate Finance acted as the exclusive financial advisor to First Sterling Financial on the sale of its low-income housing tax credit (LIHTC) corporate fund syndication and asset management businesses to Regions Bank, a subsidiary of Regions Financial. The acquisition closed on October 14, 2016.
“Deloitte Corporate Finance did an excellent job managing the transaction process and ensuring a successful ownership transition for First Sterling,” said Martin Soja, owner, CEO and chairman of First Sterling. “We look forward to seeing the continued growth of this business as part of Regions.”
“We have been fortunate to have a long relationship with First Sterling,” added Charlie Welch, managing director, Deloitte Corporate Finance. “Regions and First Sterling have similar operating philosophies as evidenced by Regions’ willingness to hire all of First Sterling’s employees and maintain its platform. We believe this transaction will be great for both parties.”