Sterling Bank receives Federal Home Loan Bank of Seattle 2013 Community
SPOKANE, Wash. -- November 7, 2013
Sterling Bank, the principal operating subsidiary of Sterling Financial
Corporation (NASDAQ: STSA), today was honored by the Federal Home Loan Bank of
Seattle (Seattle Bank) with its 2013 Community Spirit Award.
The annual Community Spirit Award recognizes a financial institution member of
the Seattle Bank cooperative for its use of the bank’s community investment
programs in meeting affordable housing and economic development needs in the
communities it serves. Sterling Bank is the only two-time recipient of the
award, previously earning the honor in 2003.
“Sterling is truly honored to be recognized as a strong community partner,”
said Greg Seibly, CEO of Sterling Financial Corporation, the holding company
for Sterling Bank. “We strive to make a difference for the people and
businesses that help us improve lives and strengthen communities.”
Through its membership in the Seattle Bank and strong community partnerships,
Sterling Bank has facilitated the distribution of nearly $49.5 million of
grants and reduced-rate loans to support 2,240 affordable homes. The funds
include $8.5 million of Affordable Housing Program (AHP) grants, $40 million
of Community Investment Program / Economic Development Fund (CIP/EDF) loans,
and $892,000 of Home$tart Program grants.
The 2013 Community Spirit Award, which included a $5,000 contribution to
Sterling Bank’s community investment efforts, was presented to Sterling Bank
at a luncheon event in Spokane hosted by the Seattle Bank. Upon receipt of the
award, Sterling’s Eastern Washington/Idaho Market President Alan Roberts
announced that Sterling would match the award and contribute $5,000 each to
Spokane Housing Ventures and CASA of Oregon to support their affordable
“We are proud to honor Sterling Bank with our 2013 Community Spirit Award,”
said Seattle Bank President and Chief Executive Officer Michael L. Wilson.
“And it is well deserved. Sterling Bank has been an exemplary community
partner, working with a multitude of organizations to create and sustain
affordable housing, jobs and other economic development opportunities in the
communities it serves. The company’s match of our $5,000 award further
emphasizes its dedication to addressing these critical needs.”
About Sterling Bank
Sterling Savings Bank, the principal operating subsidiary of Sterling
Financial Corporation (NASDAQ:STSA) of Spokane, Wash., is a Washington state
chartered and federally insured commercial bank. Sterling Savings Bank does
business as Sterling Bank in Washington, Oregon and Idaho and as Argent Bank
in California, offering banking products and services, mortgage lending, and
trust and investment products to individuals, small businesses, corporations
and other commercial organizations. As of Sept. 30, 2013, Sterling Financial
Corporation had assets of $9.98 billion and operated depository branches in
Washington, Oregon, Idaho and California. Visit Sterling Bank’s website at
About the Seattle Bank
The Federal Home Loan Bank of Seattle (Seattle Bank) is a member-owned
cooperative, serving approximately 330 financial institutions. The Seattle
Bank provides its members with access to wholesale funding, which they use to
make home mortgages, small business, and other loans in their communities.
The Seattle Bank also works with its members and their community partners to
promote affordable housing and economic development. Each year, the bank
provides 10 percent of its profits to fund affordable housing—both rental and
homeownership—and provides millions of dollars in reduced-rate loans for
affordable housing and community economic development.
The Seattle Bank’s Affordable Housing Program provides subsidy to acquire,
construct, or rehabilitate affordable rental or owner-occupied housing for
low- and moderate-income households. The Home$tart Program provides
downpayment assistance to first-time homebuyers earning up to 80 percent of
area median income. The Community Investment Program / Economic Development
Fund offer reduced-rate loans for affordable housing and community economic
One of 12 Federal Home Loan Banks in the United States, the Seattle Bank
serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming,
American Samoa, Guam, and the Northern Mariana Islands.
Visit the Seattle Bank’s website (www.fhlbsea.com) for more information
regarding the bank and its community investment programs.
Sterling Financial Corporation
Patrick Rusnak, 509-227-0961
Cara L. Coon, 509-626-5348
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