For employees of Sterling Bank, Friday marked a bittersweet finale, the official last day before being folded into Portland-based Umpqua Bank. After a dramatic economic turnaround following a dark two years of near-collapse in 2008-10, Sterling rebounded to become the second-largest bank based in Washington.
Federal bank regulators have given the green light to Umpqua Bank and Spokane-based Sterling Financial Corp. to conclude their merger, announced last year. The first signs of the takeover will be the replacement of Sterling’s regional signs by Umpqua Bank signs starting the weekend of April 18 and continuing for the next 10 weeks.
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.
The Hart Capital Inland Northwest Index’s third-quarter performance showed lackluster growth of 3.7 percent, a figure that could have been worse if not for the strong performance by regional banks. In that same period the Nasdaq Composite index rose 10.7 percent and the S&P 500 index rose 5.1 percent.
Sterling Financial Corp., the highest-valued publicly traded corporation headquartered in Spokane and one of the city’s largest employers, is merging with Umpqua Holdings Corp. of Portland. Sterling branches will be rebranded as Umpqua Bank once federal regulators approve the $1.9 billion deal.
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.
Two Spokane investment groups plan to renovate the downtown buildings formerly known as the Sherwood Mall and bring in new tenants. New owners of the two side-by-side downtown properties include several well-known area developers and investors, including Spokane Chiefs and Spokane Indians owner Bobby Brett.
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.
The tracking index for 15 publicly traded Inland Northwest companies ended a good year with a mild dip in the fourth quarter. The Hart Capital Inland Northwest Index lost 3.2 percent in total value during 2012’s fourth quarter.