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.
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.
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John Stucke John Stucke's primary coverage areas include health care, agriculture and the labor market.
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Alison Boggs Online Producer Alison Boggs posts and manages content on spokesman.com and its social networking accounts.
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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.
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