Warburg Pincus To Invest In Sterling Financial

Posted by Orb Staff on May 24, 2010 No Comments
Categories : Residential Mortgage

Sterling Financial Corp., the bank holding company of Sterling Savings Bank and Golf Savings Bank, has announced an agreement for an investment from Warburg Pincus Private Equity X that supports Sterling's recapitalization and recovery plan.

Under the terms of the agreement and subject to the approval of the transactions by the U.S. Treasury and the other conditions, Warburg Pincus would invest $139 million in Sterling. If the recapitalization transactions contemplated by the agreement are completed, Warburg Pincus would own common stock, Series B participating voting preferred stock and warrants representing approximately 20.5% of Sterling.
Golf Savings Bank is focused on providing single-family mortgage originations in the state of Washington.

 

SOURCE: Sterling

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