Birmingham-based Regions Bank announced this morning it has acquired New York-based First Sterling Financial, a Low Income Housing Tax Credit corporate fund syndication and asset management business, for an undisclosed amount.
First Sterling is one of the leading national syndicators of investment funds benefitting from Low Income Housing Tax Credits. In a statement, Regions, which has locations throughout the Capital Region, says the acquisition complements Regions’ Community Investment Capital, Real Estate and Capital Markets capabilities to serve more clients and communities.
“Regions has a long history of supporting affordable housing developments that benefit communities through direct investment in Low Income Housing Tax Credits,” says John Turner, head of Regions’ Corporate Banking Group. “The addition of First Sterling’s industry-leading syndication and asset management capabilities will allow us to grow non-interest revenue and offer clients additional solutions to meet the affordable housing needs of more communities.”
Regions will maintain First Sterling’s New York operations and all its employees.
First Sterling has raised more than $1.9 billion in investor equity through both proprietary and multi-investor funds to support more than $3.5 billion of development in 700 properties containing over 30,000 rental units in 45 states, Puerto Rico and Washington, D.C.
