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Monday, February 18, 2019  Spokane, Washington  Est. May 19, 1883
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Sterling Financial

Spokane-based Sterling Savings Bank and holding company Sterling Financial Corp. were founded in 1983 by William Zuppe and Harold Gilkey.

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Sterling-Umpqua union official

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.
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Umpqua to complete merger with Sterling

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.
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Feds OK Sterling, Umpqua merger

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.

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Inland Northwest Index shows regional growth lagging

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.
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Sterling Financial, Umpqua Holdings to merge

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.
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It’s official: Sterling Financial being bought for $2 billion

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.
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Sterling Bank to rename branches in California

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.
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Sherwood Mall to get upgrade

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.
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Mortgage lending boosts Sterling

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.
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Area companies post solid year collectively

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.

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Umpqua Bank starts wildfire fund to help provide short-term loans

Umpqua Bank, which recently merged with Sterling Financial, has started a Wildfire Relief Lending Program to help customers in parts of Washington and Oregon hit hard by wildfires. The new fund allows Umpqua customers who reside in area under voluntary or mandatory evacuation to receive...
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No Spokane branches of Sterling Bank will close, says Umpqua

None of Sterling Bank’s nine area branches will be closed during a round of reductions now taking place as Umpqua Bank begins aligning operations in the wake of its takeover of Sterling. Bank officers are closing 27 branches across Washington, Oregon and California during the...

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Sterling employees start looking toward their future with Umpqua

We'll be asking what the actual headcount reduction will be, following today's announcement that the Umpqua Bank merger with Sterling Bank has cleared all hurdles. The first signs of the deal will be Sterling’s regional signs being replaced by Umpqua Bank signs the weekend of...
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Sterling rebrands Sonoma Bank and Borrego Springs Bank as Argent Bank

Sterling Financial Corporation and its subsidiary, Sterling Savings Bank, announced on Monday the rebranding of its two California banks under the name Argent Bank. The name applies to Sonoma Bank and Borrego Springs Bank, the two banking systems Sterling has acquired in California. It will...
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Sherwood buildings sold to two area groups, and both got great deals

The downtown business beat continues producing more real estate deals. In Friday's paper was the announcement two groups bought the side-by-side buildings formerly called the Sherwood Mall. In fact, the buildings were built in different eras, and are probably best managed as two different structures....
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Sterling Financial had a solid 4Q and a very decent fiscal 2012

IN case you missed on Thursday, Spokane's Sterling Financial Corp. had a good 4Q earnings report. The company, which operates Sterling Savings Bank, announced it booked net income of $20.9 million, or 33 cents per diluted common share, compared to $30.6 million, or 49 cents...
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Sterling to acquire three branches of Boston Private in Puget Sound

To read the complete story, go to Spokesman.com later Monday evening or read it in Tuesday's printed editions. Spokane’s Sterling Savings Bank has purchased the Puget Sound operations of publicly traded Boston Private Financial Holdings, Inc. Boston Private, a national financial services group that owns...
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Sterling to buy Vancouver, Wash.-based bank

Sterling Financial Corporation of Spokane announced this morning that Sterling Savings Bank plans to buy First Independent Bank of Vancouver, Wash., including all deposits and banking operations, 14 branches in southeastern Washington and two offices in Portland. The purchase is expected to be completed early...
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Sterling wins outstanding Washington state civic business award

Two companies from Spokane and Tacoma have received Secretary of State Sam Reed's most prestigious civics award for businesses in Washington state. Reed will present the 2011 Corporations for Communities awards to Spokane-based Sterling Savings Bank and Korsmo Consruction at a ceremony on Nov. 2....
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Former Sterling branch manager barred

A former Sterling Savings Bank branch manager in Klamath Falls, Ore., has been barred from the banking industry. The Federal Deposit Insurance Corp. issued the order against Shannon Kuhlman last month. Kuhlman allegedly engaged in unsound banking practices that will inflict, or probably inflict, significant...
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Dickinson takes Sterling post

Marty Dickinson is leaving the Downtown Spokane Partnership to become senior vice president and corporate marketing communications executive at Sterling Savings Bank. Her last day at the DSP, where she has been president for six years, will be July 1. Marla Nunbeg was named interim...
News >  Spokane

Bad Hair Bandit robs Moses Lake bank

A serial bank robber dubbed "the Bad Hair Bandit" is believed to have robbed a bank in Moses Lake on Tuesday. A wigged woman matching the description of the robber thought to be responsible for 14 bank robberies since December entered Sterling Savings Bank and...
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Sterling names Andrew Schultheis general counsel

Andrew Schultheis has been appointed executive vice president and general counsel at Sterling Financial Corp. Schultheis, 40, has been outside counsel to Sterling, the parent of Sterling Savings Bank, while with Witherspoon Kelley. Before joining the Spokane law firm in 2005, Schultheis practiced with a...
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Sterling reports smaller loss

Sterling Financial Corp. today reported smaller fourth quarter and annual losses. The net loss for the quarter was $38.1 million, down from $48 million for the quarter ended Sept. 30 and $328.7 million for the 2009 fourth quarter. For the year, Sterling's net loss was...
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Eckhardt to discuss Sterling’s recapitalization

Ezra A. Eckhardt, president and chief operating officer of Sterling Savings Bank, will visit Greater Spokane Incorporated this week to talk about how he helped lead the bank’s recapitalization project. The BIZStreet “A Conversation With….” event will be Thursday from 8 to 9:30 a.m. Attend...
News >  Spokane

Reward for tips on armed bank robber

Detectives are hoping for fresh clues in an armed bank robbery Dec. 2 in Spokane Valley. A gunman demanded cash from two tellers at Sterling Savings Bank, 11205 E. Sprague Ave., about 2:25 p,.m. after walking into the bank with his gun already displayed, according...
News >  Spokane

SPD nabs Tri-Cities bank heist suspect

Patrol officers arrested a suspected bank robber Monday night after detectives in the Tri-Cities tracked him to northwest Spokane. John T. Walker, 22, was arrested as he fled from a home at 2733 W. Wellesley Ave., about 9:45 p.m., according to a search warrant filed...

Bank robbery update

No arrest has been made in yesterday's bank robbery. A K9 team was unable to track the suspect and people in a home that drew police's attention for a time turned out to be uninvolved, according to police spokesman Sgt. Dave Reagan.The robber got away...

Bank robbery near Sprague and Bowdish

The Sterling Savings bank near Sprague and Bowdish was robbed just before 2:30 p.m. Police are flooding the area. Dispatchers say the suspect is discribed as a white male, age 25-30, about 5' 6" tall and 130 pounds. He was reportedly wearing a dark coat,...
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New Sterling chairman paid $1.5 million

New Sterling Financial Corp. Chairman Les Biller was paid $1.5 million to accept the position, and will receive a total $4.5 million by Dec. 31, 2012, unless he resigns.Biller's compensation was listed in a Monday filing with the U.S. Securities and Exchange Commission. The filing...
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Sterling completes recapitalization

Sterling Financial Corp. has completed the $730 million recapitalization plan announced last week.The money from a mixture of institutional and individual investors will bring the parent of Sterling Savings Bank back into compliance with regulatory capital requirements, Chief Executive Officer Greg Seibly said.Sterling reserves had...
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Sterling narrows losses

Sterling Financial Corp. today reported a second-quarter loss of $58.2 million, including a $70.8 million allowance for credit losses.A year ago, the Spokane bank reported a net loss of $33.9 million after a $79.7 million allowance for credit losses. Per share, the 2010 quarter loss...
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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...
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Sterling adds investor

A Wall Street private equity firm has agreed to invest $139 million in Sterling Financial Corp. as the Spokane bank holding company continues its recapitalization effort.Warburg Pincus Private Equity X, L.P. would own 20.5 percent of Sterling if the company successfully completes its $720 million...
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Sterling announces new chairman

Sterling Financial Corp. today announced the appointment of a former Wells Fargo & Co. executive as chairman of the board.The appintment of Leslie "Les" S. Biller must be approved by Sterling regulators, and is subject to completion of its $720 million recapitalization effort.Biller is the...
News >  Spokane

Bank robbery suspect: Voices made me do it

A man accused of robbing a downtown Spokane bank told police voices in his head told him to commit the crime, according to court documents prepared by detectives.It's not the first time David D. Thometz, 47, has blamed crimes on the voices. He was sentenced...
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Area companies recognized for community service

The Association of Washington Business Tuesday recognized the volunteerism and community service efforts of 21 Washington companies, including five based in Eastern Washington.The Spokane-area corporate winners were: Associated Industries, for its Bright Promise Scholarship program; PAML, for raising $339,527 for charities such as Shriners Hospital...
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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...
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Treasury consents to Sterling terms

The U.S. Treasury will accept a steep markdown of its investment in Sterling Financial Corp. as part of a recapitalization plan, the Spokane company announced today.The markdown was a condition imposed by Thomas H. Lee Partners, which has committed $134.7 million to Sterling's recapitalization.Treasury in...
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Sterling stock rockets

Shares of Sterling Financial Corp. climbed more than 65 percent Friday on trading volume 15 times normal.The stock, which closed at 87 cents Thursday, finished the Friday trading day at $1.45, and advanced another seven cents in after-hours trading.The 16.2 million shares traded represent almost...
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Sterling adopts rights plan

Sterling Financial Corp. has implemented a shareholder rights plan to protect tax assets accumulated as it reported substantial operating and capital losses in recent quarters.The assets, $269 million, can be used to offset an equal amount of future profits. But, said Vice President Dave Brukardt,...
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Sterling Financial extends repurchase deadline

Sterling Financial Corp. has extended the expiration date for its effort to buy back $238 million in trust-preferred securities.The deadline was today. April 12 is the new date.The Spokane-based parent of Sterling Savings Bank and Golf Savings Bank is offering 20 cents on the dollar...
News

Sterling Savings Bank … more to the story

Good morning, Netizens... The local news media is absolutely astir over the situation involving Sterling Financial Corporation. It all started late Wednesday when the Federal Deposit Insurance Corp and the Washington Department of Financial Institutions served them with a cease-and-desist order, and Chairman Harold Gilkey...