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The Spokesman-Review Newspaper The Spokesman-Review

Monday, December 16, 2019  Spokane, Washington  Est. May 19, 1883
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Treasury OKs Sterling investments

The U.S. Treasury has approved agreements that will inject almost $280 million in private equity investment into Sterling Financial Corp.

Warburg Pincus Private Equity X, L.P. and Thomas H. Lee Partners L.P. will each invest $139 million in Sterling, which has undertaken a $720 million recapitalization effort to meet regulator requirements.

The Treasury Department committed $303 million in Sterling under the Troubled Asset Relief Program, but has agreed to mark that investment down to $75.8 million, plus warrants to purchase stock in the future, to assist in the recapitalization. 

Sterling is the Spokane-based holding company for Sterling Savings Bank and Golf Savings Bank.

   



Bert Caldwell
Bert Caldwell oversees production of the opinion pages, including writing editorials, and editing and selecting letters, columns and cartoons.