Business & Finance
Business and Finance
Business and Finance
Thu, August 5, 2010 Sterling Financial Corporation of Spokane, Wash., Announces Merger of Golf Savings Bank into Sterling Savings Bank
SPOKANE, Wash.--([ BUSINESS WIRE ])--[ Sterling Financial Corporation ] (NASDAQ: STSA), (aSterlinga), the bank holding company of [ Sterling Savings Bank ] and [ Golf Savings Bank ], announced the merger of Golf Savings Bank with and into Sterling Savings Bank, effective Aug. 2, 2010.
"Highest Customer Satisfaction with Retail Banking in the Northwest Region"
As announced in May 2010, Sterlinga™s board of directors approved the merger subject to regulatory approval, which was granted June 2010.
aWe welcome the opportunity to serve an even broader range of customers with our combined teams,a said Greg Seibly, president and chief executive officer of Sterling. aWe anticipate that this transaction will be a seamless transition for customers while allowing us to optimize our resources from both companies.a
About Sterling Financial Corporation
[ Sterling Financial Corporation ] of Spokane, Wash., is the bank holding company for [ Sterling Savings Bank ], a state chartered and federally insured commercial bank. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. As of June 30, 2010, [ Sterling Financial Corporation ] had assets of $9.74 billion and operated 178 depository branches throughout Washington, Oregon, Idaho, Montana and California. Visit Sterlinga™s website at [ www.sterlingfinancialcorporation-spokane.com ].
[ Sterling Savings Bank ] ranked aHighest Customer Satisfaction with Retail Banking in the Northwest Regiona in the J.D. Power and Associates 2010 Retail Banking Satisfaction Study.a" Sterling Savings Bank received the highest numerical score among retail banks in the Northwest region in the proprietary J.D. Power and Associates 2010 Retail Banking Satisfaction Studya". The study was based on 47,673 total responses measuring 6 providers in the Northwest Region (OR, WA) and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in January 2010. Your experiences may vary. Visit [ jdpower.com ].
Cautionary Statement
The issuance of the securities in the transactions described in this release have not been and will not be registered under the Securities Act of 1933 or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or state.
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, strategy and intentions and other statements contained in this release that are not historical facts and pertain to Sterlinga™s future operating results and capital position, including Sterlinga™s ability to raise new capital and complete its recapitalization and recovery plans, and Sterlinga™s ability to reduce future loan losses, improve its deposit mix, execute its asset resolution initiatives, execute its lending initiatives, contain costs, realize operating efficiencies and provide increased customer support and service. 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, avoid receivership for its banking subsidiary 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 and agreements. 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.
