Mayor Verner announces support for Sterling Savings - Spokane, North Idaho News & Weather KHQ.com

Mayor Verner announces support for Sterling Savings

Spokane Mayor Mary Verner Spokane Mayor Mary Verner
  • Also on KHQ.comMore>>

  • Sterling Financial must raise money

    Sterling Financial must raise money

    SPOKANE, Wash. - Sterling Financial Corp. must raise $300 million to solidify capital under an agreement reached with federal and state regulators.>>
    SPOKANE, Wash. - Sterling Financial Corp. must raise $300 million to solidify capital under an agreement reached with federal and state regulators. The largest bank based in Washington also announced the appointment of a new management team. Co-founder and chairman Harold Gilkey has stepped down, and will be replaced by acting Chairman William Eisenhart.>>

SPOKANE, Wash. - Spokane Mayor Mary Verner Friday announced her support for Sterling Savings Bank, its employees and leadership and is optimistic that the bank's plans to raise additional capital, as required by federal and state regulators, will succeed.

"Sterling's Board of Directors has had to make some very tough decisions, and I know these times have affected employees and their families.  As Mayor, I want to add my voice to those who trust that Sterling Savings will meet its obligations and continue to be a growing economic force in our community," Mayor Verner said.  "With 600 employees in the Spokane area, Sterling Savings' recovery is critical to Spokane's recovery from the economic downturn."  

Sterling Savings is not just important to Spokane, but to the Northwest, the Mayor noted.  With 175 branches, including nine in the Spokane area and some 2,000 employees, Sterling is the largest bank chartered in the state of Washington. 

The City of Spokane also is a long-time Sterling Savings Bank customer.

"Sterling Savings has been a great community partner for more than two decades, providing good jobs, supporting local events and non-profit agencies, and loaning funds to Spokane businesses and citizens to pursue their dreams," the Mayor said. "I stand ready to assist Sterling as they move ahead."

Sterling, with $12.4 billion in assets, has struggled with steep losses, particularly on real estate loans.

In a deal with the Federal Deposit Insurance Corporation and Washington Department of Financial Institutions, Sterling agreed to develop new plans for maintaining adequate capital, reduce commercial real estate loans, and cut off loans to troubled borrowers, all within 60 days.

(Information from the City of Spokane and Associated Press)

  • Most Popular StoriesMost Popular StoriesMore>>

  • New York State illegally moving convicted sex offenders from prisons into group homes with the developmentally disabled

    New York State illegally moving convicted sex offenders from prisons into group homes with the developmentally disabled

    Thursday, September 20 2018 9:14 AM EDT2018-09-20 13:14:31 GMT
    Three State agencies are involved in placing convicted sex offenders in group homes or hiding this information from the families and the general public>>
    Three State agencies are involved in placing convicted sex offenders in group homes or hiding this information from the families and the general public>>
  • Psychiatric hospital coming to Spokane

    Psychiatric hospital coming to Spokane

    Friday, September 21 2018 12:17 PM EDT2018-09-21 16:17:08 GMT
    The three finalists bidding for the Riverfront Park project visited Spokane todayThe three finalists bidding for the Riverfront Park project visited Spokane today

    SPOKANE, Wash. (AP) - A new 100-bed psychiatric hospital is coming to Spokane.    The Inland Northwest Behavioral Health hospital, which opens to patients in October, will have about 200 employees.    The Spokesman-Review says the $33 million facility will be split into four units, each with 25 beds for inpatient services. One unit will be reserved for adolescent patients between the ages of 13 and 17.

    >>

    SPOKANE, Wash. (AP) - A new 100-bed psychiatric hospital is coming to Spokane.    The Inland Northwest Behavioral Health hospital, which opens to patients in October, will have about 200 employees.    The Spokesman-Review says the $33 million facility will be split into four units, each with 25 beds for inpatient services. One unit will be reserved for adolescent patients between the ages of 13 and 17.

    >>
  • DVR cuts ties with contractor, leaving hundreds of disabled people hanging in Spokane

    DVR cuts ties with contractor, leaving hundreds of disabled people hanging in Spokane

    Saturday, September 22 2018 1:30 AM EDT2018-09-22 05:30:53 GMT

    SPOKANE, Wash. - The State Department of Vocational Rehabilitation (DVR) is a life-changing resource for hundreds of disabled people in Spokane. Finding them jobs, counseling and places to live. A big part of the agency's mission is at a standstill after DVR cut ties with one of it's major contractors without warning. For twenty-seven years, Compass has been a one-stop shop for launching disabled and disadvantaged residents on a path to a better, independent life. 

    >>

    SPOKANE, Wash. - The State Department of Vocational Rehabilitation (DVR) is a life-changing resource for hundreds of disabled people in Spokane. Finding them jobs, counseling and places to live. A big part of the agency's mission is at a standstill after DVR cut ties with one of it's major contractors without warning. For twenty-seven years, Compass has been a one-stop shop for launching disabled and disadvantaged residents on a path to a better, independent life. 

    >>
HD DOPPLER 6i
/