Sterling Financial Corporation of Spokane announced this morning that Sterling Savings Bank plans to buy First Independent Bank of Vancouver, Wash., including all deposits and banking operations, 14 branches in southeastern Washington and two offices in Portland. The purchase is expected to be completed early next year, subject to approval by regulators.

“We are pleased to welcome First Independent employees and clients into the Sterling family,” Greg Seibly, president and CEO of Sterling Financial, said in a prepared statement. “First Independent is an important strategic addition for Sterling … (and) provides an attractive opportunity to acquire a healthy community bank franchise within our identified strategic growth footprint along the I-5 corridor.”

Sterling will initially pay $8 million in addition to the net value of the acquired assets and assumed liabilities at the time of closing. Sterling has agreed to pay First Independent an additional premium of up to $17 million over an 18-month period following closing based on the credit performance of the acquired loans and the amount of any reductions in core deposits and wealth management income.

First Independent will retain about $49 million of existing loans and $34 million of other assets identified by Sterling, which Sterling did not seek to acquire. Sterling will assume all of First Independent’s deposits and certain customary obligations relating to its banking business, but no other material liabilities in the transaction.

Marty Dickinson is leaving the Downtown Spokane Partnership to become senior vice president and corporate marketing communications executive at Sterling Savings Bank.

Her last day at the DSP, where she has been president for six years, will be July 1.

Marla Nunbeg was named interim president by the DSP executive board of directors.

Dickinson said the opportunity to work for Sterling, a Fortune 500 company, was one she could not pass up, but added that the decision was a difficult one.

“There are a few lucky individuals that have the chance to have a job they love so much that it is really not a job at all,” she said.

Dickinson said she takes particular satisfaction in development downtown, and in the University District.

DSP Board Chairman Mark Aden noted Dickinson's efforts to find new housing for low-income residents displaced by redevelopment at the Madison and Otis apartments.

 

Sterling Financial Corp. today reported smaller fourth quarter and annual losses.

The net loss for the quarter was $38.1 million, down from $48 million for the quarter ended Sept. 30 and $328.7 million for the 2009 fourth quarter.

For the year, Sterling's net loss was $224.3 million, compared with $838.1 million for 2009.

After adjustments related to its $730 million recapitalization in August, the quarterly  loss atttributable to common shareholdes was $642.7 million, or $12.79 per common share. For the 2009 fourth quarter, Sterling reported a loss of $333.1 million, or $423.17 per common share.

The annual net loss was $756.1 million, or $53.05 per share, compared with $855.5 milion, or $1,087.41 per common share in 2009.

Total assets were $9.5 billion, compared with $10 billion as of Sept. 30 and $10.9 billion as of Dec. 31, 2009.