Sterling Bank Jumps to 24th Largest Lender in SBA 7a Loans
SPOKANE, Wash. -- November 18, 2013
Sterling Financial Corporation (NASDAQ:STSA), whose principal operating
subsidiary does business in Washington, Oregon and Idaho as Sterling Bank and
as Argent Bank in California, today announced that the bank is one of the top
25 Small Business Administration (SBA) 7a lenders in the country. The
acquisition of Borrego Springs Bank earlier this year and a continued emphasis
on relationship banking have helped fuel the bank’s commercial loan growth.
“Organic loan origination has continued to increase every quarter and is a
testament to our relationship banking platform,” said Dave DePillo, vice
chairman and chief lending officer. “The established community relationships
cultivated by our experienced, regionally knowledgeable bankers have laid the
foundation for continued partnerships with businesses throughout our
From January to September 2013 the bank originated 206 loans, or a total of
$63,879,125, across its four-state footprint.
“I recently started working with Sterling Bank and found their bankers to be
thoughtful and responsive to my business needs. Their competitive interest
rates caught my attention but it is their commitment to understanding my
business and team that really stands out,” said Anne-Marie Faiola, CEO of
Bramble Berry, a soap and candle making supplier in Bellingham, Wash.
Sterling Bank provided 21 SBA-approved loans, lending nearly $13,885,421
million to small businesses throughout Washington, 21 SBA-approved loans
totaling $28,068,724 million in Oregon and 66 SBA-approved loans totaling
$47,348,900 million in California. The combined total is 108 SBA loans for
$76,303,044 for both SBA 7a and 504 loan programs.
Sterling Bank is designated as a Preferred Lender in the SBA’s Preferred
Lender Program (PLP), giving the bank the authorization to make lending
decisions on behalf of the SBA. Being a Preferred Lender reflects that the
bank’s business customers receive superior SBA knowledge and expertise in
addition to a streamlined SBA loan-approval process.
For the first three quarters of 2013, the bank reported $3.83 billion in total
loan originations and purchases, a 13 percent increase from the same period
one year prior.
For more information, visit www.bankwithsterling.com.
About Sterling Financial Corporation
Sterling Financial Corporation (NASDAQ:STSA) of Spokane, Wash., is the bank
holding company for Sterling Savings Bank, 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 Financial
Corporation’s website at www.sterlingfinancialcorporation.com.
Sterling Financial Corporation
Cara L. Coon, 509-626-5348
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