Sterling Financial Corporation (NASDAQ:STSA), today announced that it
has filed a universal shelf registration statement on Form S-3 with the
Securities and Exchange Commission ("SEC"). This registration statement
replaces the company's prior shelf registration statement, and increases
the amount of money that Sterling may raise under the registration
statement.
If and when the registration statement is declared effective by the SEC
and certain other conditions have been met, Sterling may issue up to an
aggregate of $500 million of equity, debt, or other types of securities
from time to time and through one or more methods of distribution. "By
updating and expanding our shelf registration, we are ensuring that
Sterling has the ongoing financial flexibility to meet the continued
credit needs of the communities that we serve and act strategically as
consolidation opportunities emerge," said Mr. Gilkey.
The registration statement Sterling has filed with the SEC serves as a
written prospectus providing a general description of the securities
that Sterling would be permitted to offer, but does not specify the
price or the number of securities that Sterling may actually offer. If
and when Sterling determines to issue any securities under the
registration statement, then Sterling will issue a prospectus supplement
that contains the terms of any such future offering.
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 March 31,
2009, Sterling Financial Corporation had assets of $12.82 billion and
operated more than 175 depository branches throughout Washington,
Oregon, Idaho, Montana and California. Visit Sterling's website at www.sterlingfinancialcorporation-spokane.com.
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.
Sterling Financial Corporation
Daniel G. Byrne, 509-458-3711
EVP,
Chief Financial Officer
or
Deborah L. Wardwell, CFA,
509-354-8165
VP, Investor Relations Director
