Sterling Financial Reaches Deal
March 18th, 2010 by Rachel PritchettSPOKANE, Wash. (AP) — Sterling Financial Corp. of Spokane has
reached a tentative deal with the U.S. Treasury and a potential
investor in its battle for survival.
In a complicated plan months in the making, the Treasury would
accept a steep markdown on the $303 million that it invested in
Sterling only 15 months ago.
The company would raise an additional $650 million in capital from
new investment. Sterling would also repurchase $238 million in
trust-preferred securities for which it is offering 20 cents per $1
face value.
Scripps Interactive Newspapers Group
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