Sterling Financial Corporation (NASDAQ:STSA) has provided an update on its plan to improve its capital position. The company reports that it is currently negotiating multiple private equity investors, major creditors, and regulators concerning strategic alternatives. The goal of the negotiations is set on providing sound financial footing for the company, while allowing the recapitalization and growth of its business. The company has requested and received a letter from the US Department of the Treasury discussing conditional support for its plan and the conversion of the company’s preferred stock held by the Treasury. The company has also reported receiving multiple non binding proposals from private equity firms.
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Sterling Financial Corporation of Spokane, Wash., 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, 2009, Sterling Financial Corporation had assets of $10.9 billion and operated 178 depository branches throughout Washington, Oregon, Idaho, Montana and California. Visit Sterling's website at www.sterlingfinancialcorporation-spokane.com.
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