Sterling Move Gets Preliminary Approval

Tue., May 19, 1998

From Staff

The U.S. Office of Thrift Supervision and state regulators in Washington, Idaho and Oregon have given preliminary approval to Sterling Financial Corp.’s purchase of 33 KeyBank branches in the region.

The transaction will close June 15, the thrift announced Monday. The holding company then will change the name of its operating subsidiary, Sterling Savings Association, to Sterling Savings Bank.

Spokane-based Sterling will pay for the deal out of cash and $40 million in financing from KeyBank. No securities will be issued, the thrift said.

When completed, the deal will boost the number of Sterling branches to more than 70.

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Sterling Move Gets Preliminary Approval

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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