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Sterling Financial Corporation of Spokane, Wash., Announces Appointment of Robert C. Donegan to Board of Directors

^{Published on 2010-10-25 17:20:26 - Market Wire}
 

SPOKANE, Wash.--([ BUSINESS WIRE ])--[ Sterling Financial Corporation ] (NASDAQ: STSA), (aSterlinga), the bank holding company of [ Sterling Savings Bank ] has received regulatory approval for Robert C. (aBoba) Donegan to join the board of directors.

"He is recognized in the Pacific Northwest as a business leader with extensive savvy and insight."

aWe look forward to working with Bob Donegan as Sterling begins to implement its strategic plans for growth,a said Greg Seibly, president and chief executive officer of Sterling Financial Corporation. aHe is recognized in the Pacific Northwest as a business leader with extensive savvy and insight.a

Donegan said, aI believe Sterling has a bright future and I am fortunate to be a part of it. There is tremendous opportunity in the Northwest for a strong, regional community bank. Sterling fits that bill.a

Donegan has served as a director of Sterling since his appointment in October. Prior to joining Sterling as a director, Donegan served as a director of Golf Savings Bank from 2006 until Golf Savings Bank merged into Sterling Savings Bank. Donegan has been President of Ivar's, Inc., one of Seattle's oldest restaurant companies with more than 60 locations, since September of 2001. From 1997 until September 2001, Donegan served as chief financial officer of Ivar's, Inc.

Prior to joining Ivar's, Inc. in 1997, Donegan was executive vice president and chief financial officer of Peet's Coffee. He received his mastera™s degree in public and private management from the Yale School of Management.

About Sterling Financial Corporation

[ Sterling Financial Corporation ] of Spokane, Wash., is the bank holding company for Sterling [ Savings Bank ], a commercial bank. The bank is 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 Sept. 30, 2010, [ Sterling Financial Corporation ] had assets of $10.03 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 ].

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 complete 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 subsidiaries 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.