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.
The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.
Tom Sowa Tom Sowa covers technology, retail and economic development and writes the Office Hours blog.
Recent work by Tom
John Stucke John Stucke's primary coverage areas include health care, agriculture and the labor market.
Recent work by John
Becky Kramer Becky Kramer covers the environment, natural resources and utilities.
Recent work by Becky
Alison Boggs Online Producer Alison Boggs posts and manages content on spokesman.com and its social networking accounts.
Recent work by Alison
Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.
Addy Hatch is the city editor, and formerly was business editor.
999 W. Riverside, Spokane, WA 99201
P.O. Box 2160, Spokane, WA 99210
Main switchboard: (509) 459-5000 • (800) 338-8801
Newsroom: (509) 459-5400 • (800) 789-0029
Customer service: (800) 338-8801
© Copyright 2013, The Spokesman-Review
Terms of use • Privacy policy • Copyright policy
Spokane7
51°
Get blog updates by email
Sign up for our business email newsletter
Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.
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