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Regulators: Sterling Savings is back from brink

The Columbian
Published: September 29, 2010, 12:00am

State and federal regulators have removed a cease and desist order against Spokane-based Sterling Savings Bank. The bank, which operates one Vancouver branch, has shored up its finances and management practices since the order was issued in October 2009, according to the Washington Department of Financial Institutions and the Federal Deposit Insurance Corp.

Golf Savings Bank was merged into Sterling Savings Bank in August, the bank raised $730 million in new capital from a stock sale and Robert H. Hartheimer, a former FDIC division director, regulatory consultant and investment banker, joined the bank’s board of directors.

“Sterling’s success is proof that a cease and desist order is not a death-knell for Washington’s banks,” said Scott Jarvis, DFI director, in a statement.

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