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Office Hours

Sterling recapitalization plan nears completion

Sterling Financial Corp. today announced new investments that could fulfill the Spokane institution’s need for additional capital.

Thomas H. Lee Partners, which last week committed $134 million to the recapitalization effort, will increase its investment to $170 million.

Sterling said it will also offer, in a private placement, $555 million in common and convertible preferred shares to accredited private investors.

If that offering is successful  – a spokeswoman said she could not comment on whether there were buyers for the new stock – the combined investment of $725 million would bring Sterling and its principal subsidiary, Sterling Savings Bank, into compliance with regulatory capital requirements.


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