Sterling Financial Corporation
Former American bank
From Wikipedia, the free encyclopedia
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, 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 |
| Footnotes [1] | |
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 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]