Sterling Founders Honored By Ewu

Harold B. Gilkey and William W. Zuppe, founders of Sterling Savings Association, were named Entrepreneur of the Year by from Eastern Washington University’s College of Business and Public Administration Friday.

Gilkey is board chairman and chief executive officer of Sterling Financial Corp. Zuppe is president and chief operation officer of the Spokane-based company.

Gilkey and Zuppe successfully held off federal regulators who wanted to take over Sterling during the reorganization of the savings and loan industry in the late 1980s. Although it was profitable throughout the ordeal, Sterling had technically fallen out of compliance with new federal capital guidelines.

Sterling was one of the few thrifts to maintain its independent operations and preserve its shareholder value after falling out of compliance during that era.

Today it remains a profitable and growing force among Northwest financial institutions.