sterling finl corp/spokane (STSA) Details

Sterling Financial Corporation operates as the bank holding company for Sterling Savings Bank that provides retail and commercial banking products and services, mortgage lending, and wealth management products to individuals, small businesses, commercial organizations, and corporations in the United States. Its deposit products include noninterest bearing and interest bearing checking accounts, savings accounts, money market demand accounts, certificates of deposit, and time deposits. The company’s loan portfolio comprises commercial real estate loans for investor non-owner occupied, multifamily, and construction projects, collateralized by real property; commercial and industrial lending products, such as lines of credit, receivable and inventory financing, and equipment loans; term financing for owner occupied commercial real estate properties; consumer loans for automobiles, boats, and recreational vehicles; lines of credit for personal use; and one- to four-family residential loans. It is also involved in the loan servicing activities, such as collecting and remitting loan payments; accounting for principal and interest; holding and disbursing escrow funds for the payment of real estate taxes and insurance premiums; contacting delinquent borrowers; and supervising foreclosures in the event of unremedied defaults, as well as the sale of mortgage loans on a servicing-retained and servicing-released basis. As of December 31, 2012, the company operated 174 depository branches in Washington, Oregon, Idaho, and California. Sterling Financial Corporation was founded in 1983 and is headquartered in Spokane, Washington.

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