Sterling Completes Deal For 33 Branches

Sterling Financial Corp. has completed the purchase of 33 Keybank branches in Washington, Idaho and Oregon. The locations opened as Sterling offices Monday.

The transaction, announced in February, bring Sterling’s total of branch banks to 73. Deposits increased by more than 50 percent to $1.5 billion, and loans increased by $125 million to $1.27 billion.

Chairman Harold Gilkey said the transaction will also give Spokane-based Sterling cash to reduce some of its more expensive borrowings.

With the acquisition, Sterling changed the name of its operating subsidiary, Sterling Savings Association, to Sterling Savings Bank.

Sterling also is awaiting regulatory approval of its proposed merger with Big Sky Bancorp, based in Hamilton, Mont.