Sterling Financial

Sterling employees start looking toward their future with Umpqua

Federal bank officials have given the green light to Umpqua Bank and Spokane-based Sterling Financial Corp. to conclude their merger, first announced last year.

Area's second-largest business story for 2013: Umpqua buys Sterling Bank

Umpqua Holdings Corporation and Sterling Financial Corporation announced today that they have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will have a total value of approximately $2.0 billion.

Sterling Financial Corp. will rename its California operations under the Argent Bank brand. The decision reflects a push by Spokane-based Sterling to grow operations in California, said company President and COO Ezra Eckhardt.

Sterling rebrands Sonoma Bank and Borrego Springs Bank as Argent Bank

Sterling Financial Corp., which operates Sterling Savings Bank, regained its mortgage-loan mojo in 2012. The Spokane-based bank reported 2012 year-end income of $385.7 million, which included mortgage income of $96.9 million, up 85 percent over 2011. Sterling Chief Financial Officer Patrick Rusnak noted 2012 income was inflated by an income tax benefit of $292 million. When that number is deducted, Sterling’s fiscal 2012 income is $93.7 million, compared with 2011 net income of $39.3 million.