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
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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)

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