HOUSTON, Jan. 7 /PRNewswire-FirstCall/ -- Sterling Bancshares, Inc. (Nasdaq: SBIB) announced today that Bob S. Smith has been named Executive Vice President & Chief Credit Officer for Sterling Bank.
Smith, 55, is a veteran commercial banker who has served in various roles during his ten year tenure with Sterling, including Senior Lender, Market CEO, and Regional CEO, as well as serving on the Asset & Liability (ALCO) and Executive Committees. He has more than 29 years of experience in banking operations and management, bank regulation, and financial services.
After earning a Bachelor of Business Administration degree in finance from Baylor University in 1976, Smith served as a state bank examiner until he joined Allied Bancshares in 1980. Over the next 11 years at Allied Bancshares and First Interstate Bank, he held a series of progressive positions, including Executive Vice President and unit bank board member. At Allied, he managed two subsidiary banks and led workout teams, managing more than $1 billion in problem assets for First Interstate Bank, successor to Allied Bancshares. Prior to joining Sterling in 2000, Smith worked in the community banking division for First Southwest Company and was a commercial lender for Compass Bank.
"Bob is an extremely talented and seasoned financial executive with experience in managing credit throughout various cycles," said Sterling Bank Chairman, President & CEO J. Downey Bridgwater. "Credit administration is a key function in any financial institution, and Bob adds a considerable amount of experience in this area. We are excited about Bob's new role in the organization as we continue to strengthen Sterling's leadership team."
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are based on beliefs and assumptions of management at the time that this release was prepared. The Company does not assume any obligation to update the forward-looking statements. There are several factors, many beyond the Company's control, that could cause results to differ significantly from expectations including: adverse changes in the loan portfolio and the resulting credit risk-related losses and expenses; potential inadequacy of the allowance for credit losses; the ability to maintain or improve origination volumes; competitive influences on product pricing; the ability to integrate acquisitions and realize expected cost savings and revenue enhancements; effects of changes in interest rates on net interest margin and changes in federal and state regulations and laws. Additional factors can be found in the Company's 2008 Annual Report on Form 10-K filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission's Web site (www.sec.gov).
About Sterling Bancshares
Sterling Bancshares, Inc. is a Houston-based bank holding company with total assets of $4.9 billion, which operates 58 banking centers in the greater metropolitan areas of Houston, San Antonio, Dallas and Fort Worth, Texas. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "SBIB". For more information on Sterling Bancshares, please visit the Company's Web site at http://www.banksterling.com.
For More Information Contact: J. Downey Bridgwater, Chairman, President and Chief Executive Officer, (713) 507-2670 Zach L. Wasson, Executive Vice President and Chief Financial Officer, (713) 507-1297
SOURCE Sterling Bancshares, Inc.