Stories tagged: Sterling Financial
Sun., June 22, 2014
Former Sterling Financial CEO suing for discrimination
Heidi Stanley, who for two decades helped build Sterling Financial into a Northwest banking powerhouse and rose to chief executive officer, accuses two subordinates of leveraging her struggle with breast …
Thu., Sept. 12, 2013
Sterling Financial, Umpqua Holdings to merge
Sterling Financial Corp., the highest-valued publicly traded corporation headquartered in Spokane and one of the city’s largest employers, is merging with Umpqua Holdings Corp. of Portland. Sterling branches will be …
Wed., Sept. 11, 2013, 4:27 p.m.
It’s official: Sterling Financial being bought for $2 billion
Umpqua Holdings Corporation and Sterling Financial Corporation announced today that they have entered into a definitive agreement pursuant to which Sterling will merge with and into Umpqua. The transaction will …
Sat., Jan. 19, 2013
Area companies post solid year collectively
The tracking index for 15 publicly traded Inland Northwest companies ended a good year with a mild dip in the fourth quarter. The Hart Capital Inland Northwest Index lost 3.2 …
Sat., Oct. 13, 2012
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 …
Thu., Aug. 16, 2012
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 …
Fri., July 20, 2012
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 …
Fri., April 6, 2012
McMorris Rodgers blasts TARP
Rep. Cathy McMorris Rodgers launched her re-election bid this week with familiar criticism of big-government programs – including one that is widely credited with saving hundreds of good-paying jobs in …
Tue., Feb. 21, 2012, 12:54 p.m.
Sterling Financial to cut 6 percent of workforce
Sterling Financial Corp. is laying off 6 percent of its employees this winter.
Sun., Feb. 13, 2011
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 …
Tue., Nov. 16, 2010
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 …
Mon., Sept. 27, 2010, 4:48 p.m.
Regulators lift cease-and-desist order on Sterling
State and federal regulators have lifted the cease-and-desist order placed on Sterling Savings Bank nearly one year ago.
Sun., Sept. 5, 2010
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.
Tue., Aug. 31, 2010
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 …
Sun., Aug. 29, 2010
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 …
Sun., Aug. 29, 2010
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 …
Fri., Aug. 27, 2010
Sterling completes recapitalization plan
Sterling Financial Corp. has completed the $730 million recapitalization plan announced last week. The money from a mixture of institutional and individual investors will bring the Spokane-based parent of Sterling …
Sat., Aug. 21, 2010
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 …
Wed., July 28, 2010
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 …
Tue., May 18, 2010
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 …
Fri., April 30, 2010
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 …
Wed., April 28, 2010
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 …
Tue., April 27, 2010, 10:11 a.m.
Sterling announces new investor, quarterly loss
Sterling Financial Corp. said today a Boston-based private equity firm would invest $135 million in the struggling Spokane banking company. Sterling also announced a loss of $88.8 million, or $1.71 …
Fri., April 23, 2010, 3:21 p.m.
Sterling stock rockets
Shares of Sterling Financial Corp. climbed more than 65 percent today on trading volume 15 times normal.
Wed., March 17, 2010
Treasury offers hand to Sterling
Sterling Financial Corp. on Tuesday announced tentative agreements with the U.S. Treasury and a potential investor that will determine whether the bank holding company remains an independent Spokane business and …
Tue., March 16, 2010, 5:53 p.m.
Feds offer Sterling a break to help it stay in business
The U.S. government is giving Sterling Financial Corp. a break on the $303 million the Spokane bank-holding company owes it in an effort to help Sterling attract new investors and …
Tue., Feb. 2, 2010
Sterling begins recapitalization
Sterling Financial Corp. will have a recapitalization plan in place, or nearly so, by the end of March, bank executives said Monday. The clock started Monday on a key step …
Mon., Feb. 1, 2010, 2:22 p.m.
Sterling Financial reports big losses for 2009
Writedowns on its loan portfolio resulted in large losses for Sterling Financial Corp. in the fourth quarter and all of 2009.
Sun., Jan. 31, 2010
Trolls lurk near financial hardship
Corey Deter sued Sterling Financial Corp. on Jan. 11. The suit was dismissed Jan. 21.
Fri., Oct. 23, 2009
Sterling’s loss near half-billion
Sterling Financial Corp. on Thursday reported a huge third-quarter loss of $463.7 million as it closes out the books on almost a decade of acquisitions that made the Spokane institution …