Since the first bank facility was put in place between Advance E&P, Inc. and Sterling Bank's Energy Lending Group in February of 2006, the two companies enjoy a strong business relationship that continues to grow. Sterling Bank was founded in 1974 and has become one of the largest, locally-managed banks in Texas with financial assets of $4.5 billion. Sterling (NASDAQ: SBIB) has a $700 million market capitalization and is well-positioned to continue its growth.
Sterling Bank's Energy Lending Group has committed more than $700 million to the upstream and midstream sectors of the energy industry. Whether working directly with smaller independents or as part of a large multi-bank credit, Sterling has the resources and expertise to add value to oil and gas transactions. In addition to energy lending, Sterling offers a variety of financial services, including treasury management, corporate and personal trust, investments and letters of credit.
Focus: Independent Exploration & Production and Midstream Operators in the domestic United States with an emphasis on Texas, Louisiana, New Mexico, Colorado, and Oklahoma.
Capacity: Loans from $5 million to $35 million.
Expertise: Reserve-based lending for asset acquisition and development and debt capital for midstream companies.
Resources: Seasoned lenders with more than 100 years of combined energy industry experience.
Strength: Backed by Sterling Bank's strong balance sheet and banking network.