Oct. 14, 2009 (Business Wire) -- Sterling Financial Corporation (NASDAQ: STSA), the bank holding company of Sterling Savings Bank and Golf Savings Bank, today announced the appointment of Sterling Financial Corporation director William L. Eisenhart as non-executive chairman of its board of directors. It also announced the promotion of J. Gregory “Greg” Seibly to acting president and chief executive officer of Sterling Financial Corporation and the promotion of Ezra A. Eckhardt to acting chief operating officer of Sterling Financial Corporation.

Mr. Seibly, 46, was also named acting chief executive officer of Sterling Savings Bank and acting chief executive officer of Golf Savings Bank. Mr. Eckhardt, 39, was also promoted to acting president of Sterling Savings Bank. In addition, Donn C. Costa, 47, was promoted from executive vice president to acting president of Golf Savings Bank.

Mr. Seibly, Mr. Eckhardt and Mr. Costa have assumed the full responsibilities of their roles, effective immediately. They will serve as acting executives until their appointments receive final approval from Sterling's regulators, who have been informed of the appointments.

Mr. Eisenhart, 57, has served as an independent member of Sterling's board and chair of its audit committee. Mr. Seibly joined Sterling Savings Bank in 2007 and has served as its president. Mr. Eckhardt joined Sterling Savings Bank in 2004 and has served as its executive vice president and chief operating officer.

"The board is committed to taking the actions necessary to respond to the challenges that face Sterling and many other banks in the Pacific Northwest. As a crucial next step, the board is bringing in a new generation of management to lead the efforts to strengthen Sterling’s capital and liquidity positions, work through our problem loans and put into place processes to improve credit quality going forward," said Mr. Eisenhart.

“Greg is the right person to navigate this difficult economic environment and lead our efforts to position the bank safely for future prosperity. Since joining Sterling, Greg has put into place a successful deposit strategy that is enhancing the bank's liquidity and lowering the bank's cost of funding, and he has built on our traditions of Hometown Helpful® customer service,” continued Mr. Eisenhart.

Mr. Eisenhart also announced the departure of Harold B. Gilkey, 70, who co-founded Sterling in 1983, from his roles as chairman of the board, president and chief executive officer of Sterling Financial Corporation, as a director of Sterling Savings Bank, and as chief executive officer and a director of Golf Savings Bank. Mr. Eisenhart also announced the departure of Heidi B. Stanley, 53, from her positions as chairman of the board and chief executive officer of Sterling Savings Bank and from the board of Sterling Savings Bank. Ms.