Sterling Bancshares, Inc. Investor Investigation Concerning Executive Compensation

If you currently hold Sterling Bancshares, Inc. (NASDAQ: SBIB) you have certain options and you should contact the Shareholders Foundation, Inc immediately.

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Company Name(s): 
Sterling Bancshares
Affected Securities: 

An investigation on behalf of current investors of Sterling Bancshares, Inc. (NASDAQ: SBIB) over possible shareholder claims concerning breaches of fiduciary duty related to the historical and potential compensation that was awarded certain senior officers was announced.

According to the investigation by a law firm the investigation focuses on possible claims that certain Sterling Bancshares senior officers were unjustly enriched through their receipt of unwarranted, excessive or unearned compensation from 2005-2007. Sterling Bancshares, Inc. is a bank holding company that operates through its subsidiary, Sterling Bank. The Sterling Bank provides an array of financial services to Texas businesses and consumers through 59 banking centers in the greater metropolitan areas of Houston, San Antonio and Dallas, Texas. Certain senior officers at Sterling Bancshares, Inc., were awarded salaries, bonuses, stock options and other forms of long-term, ‘incentive’ or retirement compensation that was, so the investigation, excessive or unwarranted based on Sterling Bancshares, Inc.’s performance as compared to what senior officers at comparable companies were making and/or results that were fraudulent, misleading or not long-lasting. The investigation by the law firm is also investigating claims that the prior compensation awarded at Sterling Bancshares, Inc. is now clearly improper based upon its current operating condition. Finally the investigation focuses also on possible claims that would allow Sterling Bancshares, Inc. (NASDAQ: SBIB) stockholders to influence or control future compensation decisions at Sterling Bancshares. Sterling Bancshares, Inc is located in Houston, Texas and had $5.079billion in total assets with a net income of $38.62million in 2008. Shares of Sterling Bancshares, Inc. (NASDAQ: SBIB) traded recently at $6.71 per share, down from $14 per share in September 2008.