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Spokane, Washington  Est. May 19, 1883
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Sterling Financial

Spokane-based Sterling Savings Bank and holding company Sterling Financial Corp. were founded in 1983 by William Zuppe and Harold Gilkey.

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Sterling execs hopeful

A day after Sterling Financial Corp.’s longtime leaders were ousted, the company’s new executives say they’re confident subsidiary Sterling Savings Bank can raise $300 million and meet other demands contained in a government cease-and-desist order disclosed Thursday. The order from the Federal Deposit Insurance Corp. and Washington Department of Financial Institutions capped a series of recent damaging Sterling reports of mounting loan losses, dividend suspensions and steps toward issuing new stock that would further depress shares once worth more than $34.
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Sterlings’ new execs say situation “manageable”

A day after Sterling Financial Corp.’s longtime leaders were ousted, the company’s new executives say they’re confident subsidiary Sterling Savings Bank can raise $300 million and meet other demands contained in a government cease-and-desist order disclosed Thursday.
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A time to save

More Americans are trying to save money as they contend with the recession, and Spokane residents are no different. But officials at local financial institutions, social service and counseling agencies say many households that stretched to set aside a few dollars in the best of times now strain just to keep up with their bills.
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Road still bumpy for area banks, leader says

Five Eastern Washington banks serving Spokane have lost nearly $750 million since 2007, and bad loans will keep the pressure on the banks for the foreseeable future, the president of Inland Northwest Bank said Wednesday. Randy Fewel said Inland, Sterling Savings Bank, Banner Bank, Washington Trust Bank and AmericanWest Bank have also shed about 370 jobs, many in branch systems that extend into Utah and Northern California. All but Banner, which is headquartered in Walla Walla, are Spokane-based.
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Interest payments on notes deferred

Spokane-based Sterling Financial Corp. saw its stock price drop more than 20 percent Thursday after announcing it would defer paying interest on outstanding junior subordinated notes. The holding company for Sterling Savings Bank also said it would defer regular quarterly dividends on its $303 million in preferred stock.
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Sterling reports $29.5M net loss

Sterling Financial Corp. Thursday reported a second-quarter net loss of $29.5 million as loan losses, expenses related to managing non-performing real estate and increased Federal Deposit Insurance Corp. premiums more than offset gains from fees and income from mortgage operations. The Spokane-based bank also paid $4.3 million in dividends to the U.S. Treasury, which advanced Sterling $303 million in December.
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Sterling closes food court area for remodeling of headquarters

Sterling Financial Corp. has walled off the former food court occupying the second floor of its downtown headquarters so crews can begin remodeling the 12,500-square-foot space. The pedestrian corridor still follows the familiar path linking the Spokane Transit Authority Plaza to the Crescent Building, Vice President Dave Brukardt said. But the route will jog to the left for those walking north from the skywalk when remodeling work is completed late this summer, Brukardt said.
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Sterling Financial reports quarterly loss

Sterling Financial Corp. on Thursday reported a $20.4 million loss for the first quarter as substantial credit write-offs continued to take a toll. For holders of Sterling common shares, the loss widened to $24.8 million, or 48 cents per share, reflecting $4.3 million in dividends paid to the Treasury Department. The Spokane bank received $303 million from the Treasury late last year to strengthen its balance sheet.
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Heating up the home market

Sterling Savings Bank and Banner Bank are offering mortgages at interest rates below 4 percent in a pair of programs designed to help their contractor customers move unoccupied homes – and show that the banks are putting federal bailout money to work in Northwest communities. The low rates benefit buyers and builders, bank officials said this week, and Banner and Sterling get to work down contractor loans that have damaged their balance sheets.
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