Office Hours

Sterling completes recapitalization

Sterling Financial Corp. has completed the $730 million recapitalization plan announced last week.

The money from a mixture of institutional and individual investors will bring the parent of Sterling Savings Bank back into compliance with regulatory capital requirements, Chief Executive Officer Greg Seibly said.

Sterling reserves had been drained by substantial losses on real estate and construction loans.

"The successful completion of this capital raise helps position Sterling as a premier community banking franchise in the Pacific Northwest," said Seibly, who added thanks to customers and employees who remained loyal while the bank solved its capital problems. 

COMING SUNDAY: Just how did Sterling Financial Corp. pull off the $730 million recapitalization plan? Read Bert Caldwell's story in our Sunday Business section.




You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus
« Back to Office Hours

Bert Caldwell




Close

Sections


Profile

Close

Contact the Spokesman

Main switchboard:
(509) 459-5000
(800) 338-8801
Newsroom:
(509) 459-5400
(800) 789-0029
Customer service:
(800) 338-8801