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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 Financial paying millions to new chairman

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 contained in a Monday filing with the U.S. Securities and Exchange Commission. The filing also disclosed the resignation of all but four members of the Sterling board of directors following completion Thursday of a $730 million recapitalization.
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Sterling turns the corner after cease-and-desist order

A new Sterling Financial Corp. management team did not know what would be expected of them in October 2009. Federal and state regulators had forced the board of directors to remove their predecessors. Atop a long list of other stipulations contained in a cease-and-desist order was a requirement Sterling raise $300 million.
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Bert Caldwell: Local bank knows the drill

AmericanWest Bancorporation Chief Executive Officer Pat Rusnak took heart last week from Sterling Financial Corp.’s successful effort to raise additional capital. Like Sterling, AmericanWest was ordered by regulators to reinforce its capital base, although the May 2009 notice did not fix the amount of money to be raised. Rusnak said the bank, headquartered at 41 W. Riverside Ave., needs about $125 million.
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Sterling recruits capital infusion

Sterling Financial Corp. has arranged $730 million in new investment that will bring the Spokane bank back into compliance with capital requirements 10 months after huge losses on construction and real estate loans brought it to the brink of failing. The parent of Sterling Savings Bank on Friday said the complicated deal, which includes U.S. Treasury Department involvement, is expected to close by Thursday.
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Sterling Financial agrees to raise $730 million

Spokane-based Sterling Financial Corporation said today it has reached agreements to raise $730 million in new capital from institutional, private equity and other investors. Expected to close within the next week, the transactions could result in Sterling issuing 4.2 billion shares of stock.
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Sterling reports loss

Sterling Financial Corp. reported a second-quarter loss Tuesday 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.
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Sterling Financial names board chair

Sterling Financial Corp. on Monday announced the appointment of a former Wells Fargo & Co. executive as chairman of the board. The appointment of Leslie “Les” Biller must be approved by Sterling regulators and is subject to completion of its $720 million recapitalization effort.
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Treasury accepts Sterling discount

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 Thursday. The markdown was a condition imposed by Thomas H. Lee Partners, which has committed $134.7 million to Sterling’s recapitalization.
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Boston equity firm invests $134.7 million in Sterling

Thomas H. Lee Partners, a Boston private equity firm, will invest $134.7 million in struggling Sterling Financial Corp. as part of the Spokane bank-holding company’s ongoing effort to raise enough money to meet requirements imposed by federal regulators. As part of the recapitalization effort, Sterling also announced it will execute a separate stock exchange deal with the U.S. Treasury to convert about $303 million in preferred shares held by the Treasury to common stock worth about $76 million.
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