American Sterling Bank sale extended another month

Regulators approved the sale of ailing American Sterling Bank in January but have given the buyer another month to contemplate closing the deal.

The Phoenix Cos., a Connecticut-based insurance company, wants some capital from the U.S. Treasury's TARP plan to do the deal. But it hasn’t gotten a thumb’s up or down from D.C. yet.

Today had been the deadline for closing the deal to buy the Sugar Creek-based savings bank. But without an answer on TARP, the Phoenix Cos. sought an extension.

The Office of Thrift Supervision now has given it until the end of April to close the purchase, a Phoenix spokeswoman said.

Meanwhile, American Sterling continues doing business under the direction of new management essentially brought in by regulators.