CHARLOTTE, N.C., Nov. 9, 2016 /PRNewswire/ -- Deloitte Corporate Finance LLC (DCF) acted as the exclusive financial advisor to First Sterling Financial Inc. (First Sterling or the Company) 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 Corporation (Regions). The acquisition closed on Oct. 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 LLC. "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."
About First Sterling Financial Inc.
Founded in 1979 and based in Great Neck, NY, First Sterling is a real estate investment firm that specializes in affordable rental housing using Internal Revenue Code §42 Low-Income Housing Tax Credits. First Sterling is a nationally recognized leader in the syndication, asset and portfolio management and disposition of affordable housing investments. Its outstanding track record of success spans 700 properties, valued at $4.2 billion, in 45 states, Puerto Rico and Washington, DC. First Sterling developed a proprietary software, SMART, to ensure efficient tracking of syndication and asset management activities. For more information, visit www.firststerling.com.
About Regions Financial Corporation
Regions provides banking and bank-related services to individual and corporate customers in the United States. Regions offers various services including corporate & consumer banking, capital markets products and services, wealth management, insurance, specialty financing, and M&A advisory. Regions operates over 1,600 banking offices, primarily in the Southeast. Regions is headquartered in Birmingham, AL and is listed on the New York Stock Exchange. For more information, visit www.regions.com.
About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC provides strategic advisory services and M&A advice that help corporate, entrepreneurial and private equity clients create and act upon opportunities for liquidity, growth and long-term advantage. With an in-depth understanding of the marketplace and access to a global network of investment bankers, we help clients confidently pursue strategic transactions in both domestic and global markets. DCF, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals, who work collaboratively across 150 international locations. With our significant experience providing investment banking services across key industries, we are able to offer our clients solutions that help them to achieve their strategic objectives. For more information, visit www.investmentbanking.deloitte.com.
Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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