Sterling Bank, the principal operating subsidiary of Sterling Financial Corporation (NASDAQ: STSA), today was honored by the Federal Home Loan Bank of Seattle (Seattle Bank) with its 2013 Community Spirit Award.
The annual Community Spirit Award recognizes a financial institution member of the Seattle Bank cooperative for its use of the bank’s community investment programs in meeting affordable housing and economic development needs in the communities it serves. Sterling Bank is the only two-time recipient of the award, previously earning the honor in 2003.
“Sterling is truly honored to be recognized as a strong community partner,” said Greg Seibly, CEO of Sterling Financial Corporation, the holding company for Sterling Bank. “We strive to make a difference for the people and businesses that help us improve lives and strengthen communities.”
Through its membership in the Seattle Bank and strong community partnerships, Sterling Bank has facilitated the distribution of nearly $49.5 million of grants and reduced-rate loans to support 2,240 affordable homes. The funds include $8.5 million of Affordable Housing Program (AHP) grants, $40 million of Community Investment Program / Economic Development Fund (CIP/EDF) loans, and $892,000 of Home$tart Program grants.The 2013 Community Spirit Award, which included a $5,000 contribution to Sterling Bank’s community investment efforts, was presented to Sterling Bank at a luncheon event in Spokane hosted by the Seattle Bank. Upon receipt of the award, Sterling’s Eastern Washington/Idaho Market President Alan Roberts announced that Sterling would match the award and contribute $5,000 each to Spokane Housing Ventures and CASA of Oregon to support their affordable housing missions. “We are proud to honor Sterling Bank with our 2013 Community Spirit Award,” said Seattle Bank President and Chief Executive Officer Michael L. Wilson. “And it is well deserved. Sterling Bank has been an exemplary community partner, working with a multitude of organizations to create and sustain affordable housing, jobs and other economic development opportunities in the communities it serves. The company’s match of our $5,000 award further emphasizes its dedication to addressing these critical needs.”