February 4, 2011 in Business

Rusnak named CFO at Sterling Financial Corp.

By The Spokesman-Review

Patrick Rusnak has been appointed chief financial officer of Sterling Financial Corp.

If regulators approve the appointment, he will succeed Dan Byrne, who has held the position since Sterling opened its doors in 1983. In the meantime, Rusnak will be acting CFO.

Rusnak is the former chief executive officer of AmericanWest Bank, which was taken private.

He joined AmericanWest in 2006 as chief operating officer. Previously, he had been chief operating officer of Western Sierra Bancorp, executive vice president for finance at Umpqua Holdings, and CFO of Humboldt Bancorp.

Sterling President Greg Seibly noted Rusnak’s experience, and in particular the innovative way he executed the financial restructuring of AmericanWest. A group of private investors purchased AmericanWest in December for $6.5 million, and provided $185 million in new capital to bring the bank back into compliance with regulatory guidelines.

“His expertise and resolve will benefit Sterling as our company moves forward,” Seibly said.

Sterling concluded its own restructuring in August, when investors added $730 million to the bank’s balance sheet.

Both Spokane institutions experienced steep losses from real estate and construction loans.

Seibly praised Byrne’s contributions to Sterling, where he will continue as corporate development executive overseeing the Spokane bank’s external growth and development.

“(Byrne’s) industry- and Sterling-specific knowledge enables him to hit the ground running as we implement Sterling’s growth strategy,” Seibly said.

Byrne remains Sterling’s executive vice president.


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