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Stories tagged: Sterling Financial Corp.


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 …


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 …


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.


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. …


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 …


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 …


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 …


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 …


Sizing up TARP: In Lilac City, a Sterling example

Bailout has become a dirty word. Like most dirty words, it has migrated a long way from any actual meaning and become a verbal cudgel. It might be useful to …


Earnings: Sterling Financial Corp.

For 04-26-2012


Feds lift restrictions on Sterling Financial

Federal banking regulators have lifted restrictions against Sterling Financial Corp., the Spokane-based holding company of Sterling Bank. The restrictions were imposed in October 2009 when the company’s financial health was …


Earnings: Sterling Financial Corp.

For 07-28-2011


Rusnak named CFO at Sterling Financial Corp.

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 …


Employees kept focus during crisis

Sterling Financial Corp. survived because employees did not let its capital woes break their focus on customer relationships, Chief Operating Officer Ezra Eckhardt said Thursday. Meanwhile, he said, officers worked …


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 …


Caldwell: Bank’s good fortune ultimately hurt it

Cheap capital almost killed AmericanWest Bank. Documents filed with the U.S. Bankruptcy Court on Oct. 27 describe how money raised while the bank was growing snarled efforts to raise new …


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 …


Bert Caldwell: Costs high, benefits higher in saving Sterling

The successful recapitalization of Sterling Financial Corp. may well be the best economic news of 2010 for Spokane. Thanks in part to that “bailout” we all say we hate.


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 …


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 …


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 …


Sterling Financial reports another quarter of 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 …


Sterling investment grows

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 …


Equity firm to invest $139 million in Sterling

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.


Reputations invested in Sterling are as good as money

Two important partners last week joined the Sterling Financial Corp. recapitalization effort. When it comes to brands, it’s hard to top the U.S. Department of the Treasury.


Sterling sued over bank’s 401(k) plan

A former Sterling Financial Corp. employee has sued the Spokane financial institution alleging administrators of its 401(k) plan imprudently invested as much as 20 percent of plan assets in company …


Investors accuse Sterling of hiding financial troubles

A lawsuit filed Friday accuses Sterling Financial Corp. and two officers of concealing the Spokane company’s vulnerability to the downturn in residential and real estate markets, which when disclosed a …


Sterling Savings to miss deadline

Sterling Financial Corp. Chief Executive Officer Greg Seibly said it will probably be the first quarter of 2010 before subsidiary Sterling Savings Bank raises $300 million in new capital. Federal …


Holiday parties getting smaller

Local companies that used to spend tidy sums on Christmas parties or worker bonuses are pulling back this year, reflecting the economic slowdown. There will be smaller parties instead of …


Sterling loss closes out the books on decade of expansion

Sterling Financial Corp. Thursday reported a huge third-quarter loss of $463.7 million, in the process closing out the books on almost a decade of acquisitions that made the Spokane institution …