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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 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.
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Caldwell: West Point trained local bankers to survive

The U.S. Military Academy at West Point graduates about 1,000 second lieutenants each year. Although trained to command men and women in combat, many leave the Army when their hitch is up and look for opportunities to use their leadership skills in civilian arenas.
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Sterling says profit is hopeful ‘milestone’

The last time Sterling Financial Corp. reported a profit was in October 2008. It’s taken more than two years, but Spokane-based Sterling Savings (traded as STSA) reported a first quarter profit of $5.4 million, or 9 cents per share. Massive losses starting in 2009 nearly swamped Sterling, but bank managers produced a $730 million recapitalization last summer. And the latest earnings reflect a fourfold focus on recovery, said Greg Seibly, CEO and president of Sterling Financial Corp.
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Local financial institutions weighing options

Local bank and credit union officials said last week they have no immediate plans to eliminate free checking, but pending Federal Reserve Bank regulations may force them to reconsider. Inland Northwest Bank President Randy Fewel said interchange fees generated by consumer debit card use are an important source of revenue for small and large banks alike.
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Sterling Financial shares plunge

The price of Sterling Financial Corp. stock fell more than 50 percent Monday, the first day of trading after the registration Friday of 4.2 billion new shares. The shares were issued to new shareholders, who in August put more than $700 million in new capital into the Spokane financial institution. The U.S. Treasury also accepted common stock in return for preferred shares obtained in December 2009, when Sterling received $303 million in federal money intended to strengthen its balance sheet.
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Regulators lift order placed on Sterling Savings Bank

State and federal regulators have lifted the cease-and-desist order placed on Sterling Savings Bank nearly one year ago. Sterling Financial Corp., the bank holding company, said Monday the move reflects Sterling Savings’ strengthened balance sheet and capital position; its progress to reduce the proportion of loans and other assets classified as nonperforming; and measures to realign its credit practices.
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