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Sterling Financial Corporation of Spokane, Wash., Announces Pending Appointment of Les Biller as Chairman of the Board

^{Published on 2010-05-17 03:41:33 - Market Wire}
 

SPOKANE, Wash.--([ BUSINESS WIRE ])--[ Sterling Financial Corporation ] (NASDAQ:STSA), (aSterlinga), the bank holding company of [ Sterling Savings Bank ] and [ Golf Savings Bank ], has approved the appointment of Leslie (aLesa) S. Biller as chairman of its board of directors, subject to approval by bank regulators and the successful completion of the Sterling recapitalization transactions, which were initially announced in its April 27, 2010 press release.

"Les Billera™s extensive business leadership and banking expertise will be a tremendous asset for Sterling"

"Les Billera™s extensive business leadership and banking expertise will be a tremendous asset for Sterling," said Greg Seibly, president and chief executive officer of Sterling. aWe look forward to working under his direction after we complete our recapitalization transactions and continue through our recovery efforts.a

Biller said, aI am pleased and enthusiastic about the prospect of joining the Sterling organization and helping its management team continue to move forward as a major regional player in community banking across the Pacific Northwest.a

Biller has more than 30 years of banking and investment experience. He began Greendale Capital, a private investment company, after retiring in 2002 as vice chairman and chief operating officer of Wells Fargo & Company. Prior to Wells Fargo, Biller was president and chief operating officer of Norwest Corporation. He has also served in executive leadership roles at Bank of America and at Citicorp.

Biller earned his bachelora™s degree in chemical engineering from City College of New York and a mastera™s degree in business administration from Xavier University in Cincinnati, Ohio. He serves on the boards of Ecolab, Inc., Knowledge Schools, Inc., and Knowledge Universe Education LLP. He also serves as a director of the Autry National Center.

About Sterling Financial Corporation

[ Sterling Financial Corporation ] of Spokane, Wash., is the bank holding company for Sterling [ Savings Bank ], a commercial bank, and [ Golf Savings Bank ], a savings bank focused on single-family mortgage originations. Both banks are state chartered and federally insured. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. As of March 31, 2010, [ Sterling Financial Corporation ] had assets of $10.56 billion and operated 179 depository branches throughout Washington, Oregon, Idaho, Montana and California. Visit Sterlinga™s website at [ www.sterlingfinancialcorporation-spokane.com ].

Forward-Looking Statements

This release contains forward-looking statements that are not historical facts and that are intended to be covered by the safe harbor for aforward-looking statementsa provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about Sterlinga™s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to Sterlinga™s future operating results. When used in this release, the words aexpects,a aanticipates,a aintends,a aplans,a abelieves,a aseeks,a aestimatesa and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond Sterlinga™s control. These include but are not limited to: Sterlinga™s ability to complete the transactions discussed herein, future contemplated capital raises and other aspects of its recapitalization and recovery plans; Sterlinga™s ability to maintain adequate liquidity and its viability as a going concern; the possibility of continued adverse economic developments that may, among other things, increase default and delinquency risks in Sterlinga™s loan portfolios; shifts in interest rates that may result in lower interest rate margins; shifts in the demand for Sterlinga™s loan and other products; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; changes in laws, regulations and the competitive environment; and Sterlinga™s ability to comply with regulatory actions. Other factors that could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements may be found under the headings aRisk Factorsa and aManagementa™s Discussion and Analysis of Financial Condition and Results of Operationsa in Sterlinga™s Annual Report on Form 10-K, as updated periodically in Sterlinga™s filings with the Securities and Exchange Commission. Unless legally required, Sterling disclaims any obligation to update any forward-looking statements.