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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Sterling To Redeem Convertible Stock

From Staff And Wire Reports

Sterling Savings Association next month will redeem a three-year-old series of convertible preferred stock, Senior Vice President Heidi Stanley said Thursday.

Shareholders will have the choice of taking $26.07 in cash for each share, or 1.9516 shares of Sterling common.

The conversion rate equates to $13.37 per common share, Stanley said. Sterling closed Thursday at $17.88.

Chairman Harold Gilkey said the spread between the conversion rate and market price should make the common stock the more attractive choice for holders of the preferred.

The stock was issued in May 1994 for $27, and paid dividends at the rate of $1.8125 per share.

, DataTimes