Sterling Savings Bank Expands Small Business Lending Initiatives

Recovery Act Provides Incentives to Help Small Business

SPOKANE, Wash.--(BUSINESS WIRE)--Sterling Savings Bank (NASDAQ:STSA), a leading community bank in the western region, today announced expansion of its small business lending efforts to increase the number of loans made to small businesses under the Small Business Administration (“SBA”) loan program. The American Recovery Reinvestment Act of 2009 (the “Recovery Act”) provides small business owners loan incentives by increasing the government guarantee on certain types of SBA loans from 75 percent to 90 percent. The act also temporarily eliminates borrower fees for qualified SBA loans.

“Small business is responsible for the majority of job creation in the United States. Assisting in the growth and development of small business is an important and fundamental element of economic recovery, since small businesses provide jobs for more than half of the non-farm workers nationwide”

"Small business is responsible for the majority of job creation in the United States. Assisting in the growth and development of small business is an important and fundamental element of economic recovery, since small businesses provide jobs for more than half of the non-farm workers nationwide," said Greg Seibly, president of Sterling Savings Bank. "Serving the needs of small businesses throughout the western region is a primary goal of our seasoned team of bankers. They understand the financial needs of small business and entrepreneurs."

Provisions within the Recovery Act enable Sterling to expand lending to small businesses within the western region and Sterling’s seasoned team of business development officers are actively seeking opportunities to provide financing to small businesses.

Sterling is a national preferred lender under the SBA's Preferred Lender Program. As a preferred lender, Sterling can process, underwrite, fund, service, sell and liquidate SBA loans originated by Sterling throughout Sterling's footprint, which speeds up the loan approval and closing process.

Sterling's SBA division is comprised of experienced bankers located in the Seattle, Spokane, Portland, Northern California and Phoenix markets. Sterling's SBA group has been operating for more than 20 years and has extensive expertise with the SBA’s 7A and 504 loan programs. These government-guaranteed programs allow small businesses to buy, construct, refinance or renovate owner-occupied business premises. For more information about Sterling’s SBA lending program, contact Sterling’s SBA office at 800-286-4949.

ABOUT STERLING SAVINGS BANK

Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a commercial bank, and Golf Savings Bank, a savings bank focused on single-family mortgage originations. Both banks are state chartered and federally insured. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. As of Dec. 31, 2008, Sterling Financial Corporation had assets of $12.78 billion and operated more than 175 depository branches throughout Washington, Oregon, Idaho, Montana and California.