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Sterling Financial Corporation was a bank holding company headquartered in Spokane, Washington. In 2014, the company was acquired by Umpqua Holdings Corporation.
 | |
| Industry | Banking |
|---|---|
| Founded | 1983 |
| Founder | Harold Gilkey |
| Defunct | April 18, 2014 |
| Fate | Acquired by Umpqua Holdings Corporation |
| Headquarters | Spokane, Washington |
Number of locations | 173 (prior to 2014 acquisition) |
Areas served | Washington, Oregon, California, Idaho |
Key people | Leslie S. Biller, Chairman J. Gregory Seibly, CEO & President Patrick J. Rusnak, CFO |
| Revenue |  $0.379 billion (2013) |
| $0.093 billion (2013) | |
| Total assets |  $10.319 billion (2013) |
| Total equity | $1.215 billion (2013) |
Number of employees | 2,547 |
| Subsidiaries | Stirling Savings Bank (d.b.a. Argent Bank in California) |
| Website | Last archive of official website |
| Footnotes / references [1] | |
The bank operated 173 branches in Washington, Oregon, California, Idaho.
History
editThe company commenced operations in 1983.[1]
In 1998, the company acquired 33 branches from KeyCorp.[2]
In 2007, the company agreed to acquire North Valley Bancorp for $196 million in cash and stock, but the merger was cancelled after failing to win regulatory approval.[3][4]
During the 2007–2008 financial crisis, the company received a $303 million investment by the United States Department of the Treasury as part of the Troubled Asset Relief Program.[5]
In October 2009, the company received a cease and desist order from regulators and initiated executive changes.[6] In 2010, the company raised $730 million in capital to avoid being shut down by regulators.[5] Thomas H. Lee Partners and Warburg Pincus each acquired a 22.6% stake in the company.[5]
In 2011, the company acquired Vancouver-based First Independent Bank.[7]
In 2012, the company changed the name of its bank from Sterling Savings Bank to Sterling Bank and laid off 6% of its workforce.[8]
In March 2013, the company acquired American Heritage Holdings for $6.5 million.[9]
In May 2013, the company acquired the Seattle-area operations of Boston Private Bank & Trust Company.[10]
In October 2013, the company acquired Commerce National Bank for $42.9 million.[11]
In February 2014, the company sold 6 branches to Banner Bank.[12]
On April 18, 2014, Umpqua Holdings Corporation acquired the company for $2 billion in cash and stock.[13]
External links
editReferences
edit- ^ a b "Sterling Financial Corporation 2013 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Spokane bank acquires KeyBank branches". American City Business Journals. June 16, 1998.
- ^ "North Valley Bancorp cancels merger". American City Business Journals. December 3, 2007.
- ^ Basu, Aniruddha (December 3, 2007). "North Valley ends merger agreement with Sterling Financial". Reuters. Archived from the original on November 13, 2017.
- ^ a b c Bhatt, Sanjay (August 20, 2010). "Sterling Financial raises $730 million in capital". The Seattle Times.
- ^ Grind, Kirsten (October 15, 2009). "Sterling Financial slapped with cease-and-desist order; ousts top executives". American City Business Journals.
- ^ Kish, Matthew (November 7, 2011). "Sterling to acquire First Independent Bank". American City Business Journals.
- ^ Kish, Matthew (February 21, 2012). "Sterling Savings Bank lays off 6% of workers". American City Business Journals.
- ^ "Sterling Financial Corporation Completes Acquisition of American Heritage Holdings" (Press release). Business Wire. March 1, 2013.
- ^ "Sterling Financial Corporation Completes Acquisition of Seattle-area Operations of Boston Private Bank & Trust Company" (Press release). Business Wire. May 13, 2013.
- ^ "Sterling Financial Corporation Completes Acquisition of Commerce National Bank" (Press release). Business Wire. October 2, 2013.
- ^ Miller, Ben (February 20, 2014). "Banner Bank buying 6 Oregon banks from Sterling". American City Business Journals.
- ^ "Umpqua Holdings Corporation and Sterling Financial Corporation Complete Merger" (Press release). Business Wire. April 18, 2014.