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North Bay Business Journal

Monday, May 13, 2013, 5:00 am

Business News: Week of May 13, 2013

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    Banking

    Sterling Financial Corporation (NASDAQ:STSA), parent company of Sonoma Bank and Sterling Savings Bank, and Newport Beach-based Commerce National Bank (OTCBB:CNBF) entered a definitive agreement for Sterling to acquire Commerce National for $15.10 per common share in cash, or $42.9 million including planned redemption of outstanding stock options and warrants. The transaction, which has been approved by both boards of directors, will significantly enhance Sterling’s current operations in Southern California. The transaction must be approved by shareholders and regulators. It is expected to be completed during the third quarter. As of March 31, CNB had assets of $242.7 million, loans of $146.3 million, deposits of $211.4 million and shareholders’ equity of $30.1 million.

    Entertainment

    Sho-Ka-Wa Casino near Hopland said it plans to use the sbX software from International Game Technology (NYSE: IGT). That provides a game theme library, analytics and floor-management features.

    Publishing

    Sausalito’s Smart Meetings magazine, a resource for event-planning professionals, won the 2013 Maggie Award for Best Feature Article, “A Winning Combination” written by David Vranicar, within the Creative Trade & Consumer Print award division for publications with circulations of less than 50,000. Sponsored by the Western Publishers Association, the Maggies honor excellence in print and electronic publishing in more than 100 editorial, design, promotional and event categories. Smart Meetings was a finalist in four additional categories, including Best Interview or Profile–Trade, Best Editorial Layout and Best Single Editorial Illustration–Trade and Most Improved Publication–Trade, following a newly refreshed design last year.

    Tourism

    The Marin Sonoma Concours d’Elegance added a 1961 Cooper T56 Mark ll Formula Junior owned by Steve McQueen to its showing of vintage automobiles once owned by Hollywood legends. One of only two Cooper Works cars campaigned by Team Tyrell in 1961. Mr. McQueen purchased the car from Cooper at the end of the 1961 season and began racing it until studio executives forced him to quit.

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