Sterling Banks Inc. revised earnings results for the second quarter and six months ended June 30, 2009. The company revised its previously announced 2009 second quarter results due to an additional $5.0 million provision for loan losses in the second quarter of 2009 and determined to establish a valuation allowance for deferred tax assets of $5.6 million. The allowance for loan losses and provision for loan losses were increased from amounts previously reported to reflect changes to the qualitative reserve factors and impairment amounts that the Company's wholly owned subsidiary, Sterling Bank, utilized in calculating its allowance for loan losses as of June 30, 2009. The adjustment in the qualitative factors and impaired amounts reflected second quarter adverse trends in delinquent, classified and non-performing loans in the Bank's loan portfolio, which were raised as part of the Bank's regulatory examination by the Federal Reserve Bank of Philadelphia as was concluded by the issuance of a Report of Examination dated November 30, 2009. As a result, the Company concluded that the allowance for loan losses as of June 30, 2009 should be increased by $5.0 million and determined to establish a valuation allowance for deferred tax assets of $5.6 million. The Company revised net loss for the second quarter of 2009 to $9.7 million, or $1.66 per basic and diluted share, compared to $0.4 million, or $0.07 per basic and diluted share, for the second quarter of 2008. For the six months ended June 30, 2009, net loss was $10.1 million, or $1.74 per basic and diluted share, compared to $0.5 million, or $0.08 per basic and diluted share, for the comparable 2008 period. The Company previously announced losses of $0.9 million and $1.4 million for the three and six months ended June 30, 2009, respectively, or $0.16 and $0.24 per basic and diluted share, respectively.

Sterling Banks Inc. revised earnings results for the third quarter and nine months ended September 30, 2009. The company revised its previously announced 2009 third quarter results due to an additional $5.0 million provision for loan losses and determined to establish a valuation allowance for deferred tax assets of $5.6 million in the second quarter of 2009, as well as recording a reduction of $1.1 million in provision for loan losses in the third quarter of 2009. The allowance for loan losses and provision for loan losses were increased from amounts previously reported to reflect changes to the qualitative reserve factors and impairment amounts that the Company's wholly owned subsidiary, Sterling Bank, utilized in calculating its allowance for loan losses as of June 30, 2009. The adjustment in the qualitative factors and impaired amounts reflected second quarter adverse trends in delinquent, classified and non-performing loans in the Bank's loan portfolio, which were raised as part of the Bank's regulatory examination by the Federal Reserve Bank of Philadelphia as was concluded by the issuance of a Report of Examination dated November 30, 2009. As a result, the Company concluded that the allowance for loan losses as of June 30, 2009 should be increased by $5.0 million and determined to establish a valuation allowance for deferred tax assets of $5.6 million. As a result, the Company reversed $1.1 million in provision for loan losses and decreased income tax expense $2.8 million in the third quarter of 2009 from that previously reported. The Company revised net loss for the third quarter of 2009 to $0.6 million, or $0.09 per basic and diluted share, compared to net income of $0.1 million, or $0.01 per basic and diluted share, for the third quarter of 2008. Sterling Banks Inc. For the nine months ended September 30, 2009, net loss was $10.7 million, or $1.83 per basic and diluted share, compared to $0.4 million, or $0.07 per basic and diluted share, for the comparable 2008 period. The Company previously announced losses of $4.5 million and $5.9 million for the three and nine months ended September 30, 2009, respectively, or $0.77 and $1.01 per basic and diluted share, respectively.

Sterling Banks, Inc. announced that on November 25, 2009, it received a NASDAQ Staff Delinquency Letter indicating that the Company is not in compliance with the filing requirements under NASDAQ Marketplace Rule 5250(c)(1) since the Companys Form 10-Q for the period ended September 30, 2009 has not yet been reviewed in accordance with Statement of Auditing Standards No. 100, as required by Rule 8-03 of Regulation S-X. Additionally, the Filing did not contain the certifications required under Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to the NASDAQ Marketplace Rules, the Company has 60 calendar days (or until January 25, 2010) to submit a plan to regain compliance. If NASDAQ accepts the Companys plan, then NASDAQ may provide the Company with up to 180 calendar days from the due date of the initial delinquent filing (or until May 24, 2010) to regain compliance. If NASDAQ does not accept the Companys plan, the Company will have the opportunity to appeal that decision to a Hearings Panel. The Company intends to timely submit a compliance plan with NASDAQ. The NASDAQ notification has no effect on the listing of the Companys common stock at this time.

Sterling Banks restates two quarters of 2009 results

Sterling Banks, Inc. Announces Revised Third Quarter 2009 Results

Sterling Banks, Inc. Announces Revised Second Quarter 2009 Results

STERLING BANKS, INC. Files SEC form 10-Q/A, Quarterly Report

Sterling Banks, Inc. Announces Intention to Restate Prior Reporting Periods

Sterling Banks, Inc. Announces Intention to Restate Prior Reporting Periods

STERLING BANKS, INC. Files SEC form 8-K/A, Results of Operations and Financial Condition, Non-Reliance on Previous Fi

Sterling Banks, Inc. Announces Intention to Restate Prior Reporting Periods

Sterling Banks, Inc. Announces Intention to Restate Prior Reporting Periods

STERLING BANKS, INC. Files SEC form 8-K, Results of Operations and Financial Condition, Non-Reliance on Previous Fina

Sterling Banks, Inc. Announces Receipt of Nasdaq Notice

Sterling Banks, Inc. Reports Third Quarter 2009 Results of Operations

Sterling Banks, Inc. Announces Receipt of Nasdaq Notice

STERLING BANKS, INC. Files SEC form 8-K, Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standa

STERLING BANKS, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement

STERLING BANKS, INC. Files SEC form 8-K, Change in Directors or Principal Officers

STERLING BANKS, INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhi

STERLING BANKS, INC. Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhi

Sterling Banks, Inc. Reports Third Quarter 2009 Results of Operations