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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.

Sterling to acquire Puget-area branches

Spokane’s Sterling Savings Bank has agreed to buy the Puget Sound-area operations of publicly traded Boston Private Financial Holdings Inc. Boston Private, a national financial services group that owns wealth management and private bank affiliates in Boston, New York, Los Angeles and San Francisco, has operated three branches in the Seattle area. The company acquired branches in Seattle, Bellevue and Redmond in 2007 from financially distressed Charter Bank.

Area companies beat S&P, Russell

Inland Northwest companies had a strong quarter from July through September. The Hart Capital Inland Northwest Index grew 14.3 percent in the third quarter. That’s dramatically better than the S&P 500 and the Russell 2000 indexes, which grew 5.8 percent and 4.9 percent, respectively.

Downtown buildings change hands

Two of Spokane’s well-known but cash-strapped buildings concluded foreclosure sales Friday, closing the file on separate cases of large commercial properties falling victim to a distressed real estate market. The 17-story Wells Fargo Tower at 601 W. First Ave. and the six-level Holley Mason Building at 157 S. Howard St. both formally changed hands, culminating bank repossessions after the previous owners were unable to pay off loans.

U.S. selling Sterling shares

The U.S. Treasury on Wednesday priced the sale of more than 5 million shares of Sterling Financial Corp. stock, which would net about $113 million in repayment for Troubled Asset Relief Program money the bank received in 2008. A news release said Treasury officials priced 5,738,637 common shares at $20 each and expect to close the sale on Aug. 20.

Sterling to consolidate in Crescent Court space

Sterling Savings Bank will take over the vacant sixth floor of the downtown Spokane Crescent Court office building next month. Sterling will use the space to consolidate some of its downtown workforce. It will sublease nearly 24,100 square feet currently leased by the U.S. Postal Service, which moved out of the Crescent building in 2009.