SPOKANE, Wash. - (Business Wire) Sterling Financial Corporation (NASDAQ:STSA) announced today that Donn C. Costa has been named acting president of Golf Savings Bank, subject to regulatory approval. Golf Savings Bank is a wholly-owned subsidiary of Sterling Financial Corporation and is headquartered in Mountlake Terrace, Wash. Golf Savings Bank is a leading originator of home loans in the Pacific Northwest. Mr. Costa has been with Golf Savings Bank since 1994 and has served as executive vice president of Golf Savings Bank since 2006 when it was acquired by Sterling. Prior to the acquisition by Sterling, Mr. Costa served as the president of Lynnwood Financial Corporation, the former holding company of Golf Savings Bank. Mr. Costa will work closely with Sterling’s acting Chief Executive Officer, J. Gregory "Greg" Seibly, who was appointed as acting chief executive officer of Golf Savings Bank in connection with his recent promotion to serve as Sterling’s acting chief executive officer.
“As a leading originator of home loans in the Pacific Northwest, Golf Savings Bank has had strong performance over the last 12 months under Donn’s leadership,” said Mr. Seibly. “Golf Savings Bank and Sterling Savings Bank, Sterling Financial Corporation’s other banking subsidiary, will continue to find ways to work together for great banking solutions based on our commitment to our communities, customers and employees.”
Golf Savings Bank has grown under Mr. Costa’s leadership. It currently employs more than 600 people in 32 mortgage offices and retail banks across the Pacific Northwest.
About Sterling Financial Corporation
Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a commercial bank, and Golf Savings Bank, a savings bank focused on single-family mortgage originations. Both banks are 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 September 30, 2009, Sterling Financial Corporation had assets of $11.87 billion and operated more than 175 depository branches throughout Washington, Oregon, Idaho, Montana and California. Visit Sterling's website at www.sterlingfinancialcorporation-spokane.com.
About Golf Savings Bank
Golf Savings Bank's primary focus is the origination of high-quality residential home loans within a network of over 30 loan offices located throughout the Pacific Northwest. Golf Savings Bank offers affordable loan programs and products to homebuyers, including many first-time and low- to moderate-income buyers. Headquartered north of Seattle, Golf Savings Bank is a federally insured, Washington-state chartered savings bank. It is a wholly owned subsidiary of Sterling Financial Corporation (NASDAQ: STSA). Please visit at www.golfsavingsbank.com for more information.
Forward-Looking Statements
This release contains forward-looking statements, which are not historical facts and pertain to Sterling's future operating results. These forward-looking statements are within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about Sterling's plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts. When used in this release, the words "expects," "anticipates,'' ''intends,'' ''plans,'' ''believes,'' ''seeks,'' ''estimates'' and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Sterling's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements because of numerous possible risks and uncertainties. These include but are not limited to: the possibility of continued adverse economic developments that may, among other things, increase default and delinquency risks in Sterling's loan portfolios; shifts in interest rates that may result in lower interest rate margins; shifts in the demand for Sterling's loan and other products; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment.
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Sterling Financial Corporation
Cara Coon, 509-626-5348
VP/Communications Manager
