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Sterling Bank - Chesterfield

Sterling Bank Careers

Sterling Financial Corporation is the holding company for Sterling Bank (formerly Sterling Savings Bank), one of the largest regional community banks in the Pacific Northwest. The bank operates about 190 branch locations in northern California, Idaho, Oregon, and Washington and lends throughout the West from more than 30 loan origination offices. In California it does business under the name Sonoma Bank. Real estate and construction loans account for the majority of the bank's portfolio. Its wealth management division markets stocks, bonds, mutual funds, annuities, and other investments to bank customers. Sterling Financial is regaining its luster after being hard hit by the downturn in the housing market.

Operations

Sterling Financial Corp's. principal operating subsidiary is Sterling Bank. The bank operates three business segments: Commercial Real Estate; Community Banking; and a Home Loan division.

Financial Analysis

SFC's 2011 revenue declined 9% vs. 2010, while net income jumped 117% over the same period. 2011 marked the fourth consecutive year of falling revenue for the bank, which is down about 38% vs. 2007, as the housing crisis pummeled California and SFC's other markets. On the plus side, SFC returned to profitability in 2011, the first year since 2007. Indeed, SFC's losses totaled nearly $1.4 billion between 2008 and 2010, largely as a result of a declining real estate asset portfolio.

Strategy

A new management team is seeking to return the bank to stable footing. Greg Seibly has replaced Harold Gilkey as Sterling's CEO; with more than 20 years in the financial industry, Seibly previously served on the executive teams of such banks as U.S. Bancorp, Wells Fargo, and Bank of America. The company also named a new chairman, COO, and several new directors. Under Seibly, the bank completed a $730 million recapitalization in 2010.

To further bolster its capital position, SAFC is emphasizing sales and business development, working on growing its fee income, and streamlining operations. It sold bad loans and merged residential mortgage lender Golf Savings Bank into Sterling Savings. The bank has cut back on riskier construction and real estate lending to focus on writing loans for consumers, small to midsized businesses, and multifamily residences.

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Popular Q&A

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Where is the Sterling Bank in Boise?

Sterling Bank, 420 W Main Street, #101, Boise, ID 83702. Phone: (208) 424-2000. Thanks for choosing.

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