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Treasury OKs Sterling investments

The U.S. Treasury has approved agreements that will inject almost $280 million in private equity investment into Sterling Financial Corp.

Warburg Pincus Private Equity X, L.P. and Thomas H. Lee Partners L.P. will each invest $139 million in Sterling, which has undertaken a $720 million recapitalization effort to meet regulator requirements.

The Treasury Department committed $303 million in Sterling under the Troubled Asset Relief Program, but has agreed to mark that investment down to $75.8 million, plus warrants to purchase stock in the future, to assist in the recapitalization. 

Sterling is the Spokane-based holding company for Sterling Savings Bank and Golf Savings Bank.

   




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