Sterling Financial (STSA) Subsidiary Announces Several Executive Appointments

Sterling Financial Corporation (NASDAQ: STSA) today announced, for its wholly-owned subsidiary, Sterling Savings Bank, the appointments of Greg Seibly as chief executive officer and member of the board of directors, and Ezra Eckhardt as president and chief operating officer for the bank. Both previously served in these roles in acting capacities pending receipt of required regulatory approval, which has been received from the Federal Deposit Insurance Corporation (FDIC).

Sterling also announced appointments at the holding company of Seibly as president and chief executive officer and Eckhardt as chief operating officer. Both previously served in these roles in acting capacities pending receipt of required regulatory approval, which has been received from the Federal Reserve Bank of San Francisco. All appointments are effective immediately.

"Sterling's executive management team, led by Greg and Ezra, is committed to working diligently with our customers, shareholders, regulators, boards and employees to achieve our strategic goals," said Sterling Financial Corporation Chairman William Eisenhart. "We are pleased with the regulatory approvals for both Greg and Ezra, which we believe confirms our confidence in their oversight and direction."

The holding company and bank boards have developed regulatory oversight committees to manage the progress and completion of all items identified in the consent order issued to Sterling Savings Bank in October. The bank board recently approved detailed action plans to guide it going forward. Key components of the action plans include a full-scope capital plan, alignment in the portfolio concentration of real estate to match regulatory guidelines and a reduction in non-performing assets.