Key Developments For Sterling Financial Corporation
Sterling Financial Corporation (STSA.O) (Nasdaq)
Sterling Financial Corporation's Sterling Savings Bank Announces Agreement With Regulators
Sterling Financial Corporation announced that its subsidiary, Sterling Savings Bank, has entered into an agreement with its regulators to continue taking actions to strengthen its financial condition and operations. The agreement commits Sterling`s principal banking subsidiary, Sterling Savings Bank, to continue taking actions relating to its capital position, asset quality, liquidity and management oversight. It is known as a Stipulation and Consent to the Issuance of an Order to Cease and Desist, and was entered into with the Federal Deposit Insurance Corporation (FDIC) and Washington Department of Financial Institutions.
Sterling Financial Corporation Promotes J. Gregory Greg Seibly As Acting President and Chief Executive Officer
Sterling Financial Corporation 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.
Sterling Financial Corporation Announces Filing Of Universal Shelf Registration
Sterling Financial Corporation 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 the Company 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, the Company 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. The registration statement the Company has filed with the SEC serves as a written prospectus providing a general description of the securities that the Company would be permitted to offer, but does not specify the price or the number of securities that the Company may actually offer. If and when the Company determines to issue any securities under the registration statement, then the Company will issue a prospectus supplement that contains the terms of any such future offering.
Sterling Financial Corporation Issues Q4, FY 2008 Earnings Guidance Below Analysts' Estimates
Sterling Financial Corporation announced that it anticipates to report a net loss for both the fourth quarter and fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report net profit of $6.50 million for the fourth quarter 2008; net profit of $26.05 million for fiscal 2008.
Sterling Financial Corporation Raises $303 Million In Capital
Sterling Financial Corporation announced that it completed the sale of 303,000 shares of preferred stock and issued a warrant to purchase 6,437,677 shares of Sterling's common stock to the U.S. Department of the Treasury, raising total proceeds of $303 million.
