Sterling Financial Corporation

Last updated
Sterling Financial Corporation
Industry Banking
Founded1983;42 years ago (1983)
FounderHarold Gilkey
DefunctApril 18, 2014;10 years ago (2014-04-18)
FateAcquired 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
RevenueDecrease2.svg $0.379 billion (2013)
Decrease2.svg $0.093 billion (2013)
Total assets Increase2.svg $10.319 billion (2013)
Total equity Decrease2.svg $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
Footnotes /references
[1]

Sterling Financial Corporation was a bank holding company headquartered in Spokane, Washington. In 2014, the company was acquired by Umpqua Holdings Corporation.

Contents

The bank operated 173 branches in Washington, Oregon, California, Idaho.

History

The company commenced operations in 1983. [1]

In 1998, the company acquired 33 branches from KeyCorp. [2]

In early 2004, Sterling finalized the acquisition of Klamath First Bancorp Inc. of Klamath Falls, Oregon.

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 (TARP). [5] The bank ultimately repaid the Treasury for all monies owned from TARP.

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, along with more than 30 other investors. [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]

On September 11, 2013, Umpqua Holdings Corporation announces it is acquiring Sterling Financial Corporation.

In October 2013, the company acquired Commerce National Bank of Newport Beach, California 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]

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References

  1. 1 2 "Sterling Financial Corporation 2013 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Spokane bank acquires KeyBank branches". American City Business Journals . June 16, 1998.
  3. ↑ "North Valley Bancorp cancels merger". American City Business Journals . December 3, 2007.
  4. ↑ Basu, Aniruddha (December 3, 2007). "North Valley ends merger agreement with Sterling Financial". Reuters . Archived from the original on November 13, 2017.
  5. 1 2 3 Bhatt, Sanjay (August 20, 2010). "Sterling Financial raises $730 million in capital". The Seattle Times .
  6. ↑ Grind, Kirsten (October 15, 2009). "Sterling Financial slapped with cease-and-desist order; ousts top executives". American City Business Journals .
  7. ↑ Kish, Matthew (November 7, 2011). "Sterling to acquire First Independent Bank". American City Business Journals .
  8. ↑ Kish, Matthew (February 21, 2012). "Sterling Savings Bank lays off 6% of workers". American City Business Journals .
  9. ↑ "Sterling Financial Corporation Completes Acquisition of American Heritage Holdings" (Press release). Business Wire. March 1, 2013.
  10. ↑ "Sterling Financial Corporation Completes Acquisition of Seattle-area Operations of Boston Private Bank & Trust Company" (Press release). Business Wire. May 13, 2013.
  11. ↑ "Sterling Financial Corporation Completes Acquisition of Commerce National Bank" (Press release). Business Wire. October 2, 2013.
  12. ↑ Miller, Ben (February 20, 2014). "Banner Bank buying 6 Oregon banks from Sterling". American City Business Journals .
  13. ↑ "Umpqua Holdings Corporation and Sterling Financial Corporation Complete Merger" (Press release). Business Wire. April 18, 2014.
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