Sterling Bancshares On Auction Block

HOUSTON ( TheStreet) -- Sterling Bancshares ( SBIB) has put itself up for sale, the Wall Street Journal reports, citing people familiar with the situation.

Bids were due late Thursday, and a sale of the bank is expected to be announced as early as next week, these people told the Journal.

Sterling is expected to be valued at about $825 million, or just more than $8 a share, according to the newspaper. The stock closed Thursday at $7.48.

BB&T ( BBT) and Comerica ( CMA) are among the banks that have expressed interest in Sterling, the Journal reports.

BB&T and Comerica representatives declined to comment for the Journal, while a representative of Sterling couldn't be reached.

Sterling ran into trouble when it expanded beyond its home turf of Texas and began making commercial real-estate loans in Arizona, Florida and California, the newspaper notes. Its problems have brought a proxy fight from its largest shareholder.

-- Written by Joseph Woelfel

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