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Made in Washington - Sterling Savings Bank: Hometown Helpful |
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Written On: February 2006 |
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Written By: by Daniel Brunell |
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There is a big fallacy about the banking industry. People envision the world of high finance as one controlled by magnates in New York, London and Zurick skyscrapers made of glass and steel. Or they think of it as Wall Street investors with some magical power over their finances.
Contrary to this belief, a large proportion of the nation's money still resides in local banks. It is these local banks that many in the community come to for small business, home and car loans. These small banks grow with the community and develop a special bond with their patrons.
It is this local focus on community banking where Sterling Saving Bank has excelled over its 21-year history. Founded by Harold Gilkey and Bill Zuppe in 1983, Sterling is one of the fastest growing financial institutions in the country. With more than 135 branches covering Washington, Idaho, Oregon and Montana, Sterling serves the wide range of people that call the northwest home.
Sterling is a member of the The Federal Deposit Insurance Corporation, an independent agency of the federal government created in 1933. FDIC insures customer deposits in banks up to $100,000 and is the safety net established during the Great Depression. Sterling trades on NASDAQ as Sterling Financial Corporation under the symbol STSA.
The Spokane-based bank expanded in other financing ventures and into the commercial real estate lending markets in California and Arizona as well. But for the most part, a large percentage of its growth is in the Pacific Northwest.
Over the last few years, under Gilkey and Zuppe's leadership, the board brought several prominent banks into the Sterling family. For example, in 2004, Sterling acquired Klamath First Bancorp, Inc., adding nearly $1.0 billion in deposits and 48 more branches.
In 2003, Sterling started its transition to the next generation. Gilkey and Zuppe became co-chairs of the board and turned most of the day-to-day operations over to Heidi Stanley, vice chair and chief operations officer, and David Bobbitt, president and chief production officer.
Before joining Sterling in 1996, Bobbitt was employed by West One Bank for 26 years. Stanley, who was named one of the "25 Women to Watch in Banking" by U.S. Banker magazine joined Sterling in 1985 after a stint with IBM in San Francisco.
This rapid growth comes from an equal combination of increased banking within its existing system and from acquisitions, said Stanley, who also was elected as AWB's Board chair in 2002 following in the footsteps of her father-in-law, Larry, and currently chairs the Greater Spokane Area Chamber of Commerce. (Larry Stanley led AWB in 1991).
"Today bank customers expect more from their banks. By combining Sterling's products and services that go well beyond traditional checking and savings accounts, we provide a winning combination for our customers.
"One of the phrases that we like to use around here is 'Hometown Helpful.' How we treat each of our customers, employees, stockholders and each other is engrained in our culture," Stanley added.
In the world of account numbers, automatic tellers, and online banking, Sterling believes its niche is personal banking designed to forge a comfortable relationship with its customers.
She admits it is hard work maintaining its culture, but it is worth it because "...it separates us from larger banks.: Evidence of that philosophy is engraved on the bank’s Web site where the tagline reads: The Perfect Fit Bank.
Sterling's growth over the last several years has been meteoric. In 2000, its net income was $13.7 million, but by 2004 it skyrocketed to $56.3 million. In 2000, Sterling had $2.6 billion in total assets. In 2004, assets nearly tripled to more than $6.9 billion.
A lot of these values stem from Spokane where Sterling has been based since its founding. Even though more than 60 percent of its business is in the Seattle-to-Salem corridor, Sterling remains strongly committed to Spokane. Its headquarters is an anchor in the city center revitalization.
"We like it here. It is a great place to live with a wonderful workforce, several major universities that produce some of the best talent in the country, and affordable housing," Stanley, who grew up in Spokane, said.
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