Sterling Financial Corporation
| File:Sterling Corp.gif | |
| Industry | Banking |
|---|---|
| Founded | 1983 |
| Founder | Harold Gilkey |
| Defunct | Template:End date and age |
| Fate | Purchased 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, Ezra Eckhardt, 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 | Sterling Savings Bank (d.b.a. Argent Bank in California) |
| Website | Last archive of official website |
Sterling Financial Corporation functioned as a bank holding company headquartered in Spokane, Washington. Prior to its acquisition in 2014 by Umpqua Holdings Corporation, it operated a network of 173 branches spanning the states of Washington, Oregon, California, and Idaho.
History
Established in 1983, Sterling grew its footprint through strategic acquisitions such as purchasing 33 branches from KeyCorp in 1998 and acquiring Klamath First Bancorp Inc. in 2004.
A proposed $196 million deal to acquire North Valley Bancorp in 2007 was ultimately abandoned due to regulatory obstacles.
Amid the financial turmoil of 2008, Sterling secured a $303 million capital infusion from the United States Department of the Treasury via the Troubled Asset Relief Program (TARP), which was subsequently repaid in full.
In response to regulatory directives issued in 2009, including a cease and desist order, the company underwent executive leadership changes; by 2010, Sterling successfully raised $730 million from investors such as Thomas H. Lee Partners and Warburg Pincus to strengthen its financial position.
The company pursued further expansion by acquiring Vancouver-based First Independent Bank in 2011; American Heritage Holdings for $6.5 million in 2013; Seattle-area operations of Boston Private Bank & Trust Company later that same year; and Commerce National Bank of Newport Beach for $42.9 million in October 2013.
In 2012, Sterling rebranded its banking services from Sterling Savings Bank to Sterling Bank and implemented a workforce reduction of approximately 6%.
Early in 2014, six branches were divested to Banner Bank.
The acquisition by Umpqua Holdings Corporation was finalized on April 18, 2014, for approximately $2 billion.