More than 2,000 Community Organizations Receive Hands-on Support
SPOKANE, Wash.--(BUSINESS WIRE)--
Employees of Sterling
Bank, a subsidiary of Sterling
Financial Corporation (NASDAQ: STSA), contributed 54,805 volunteer
hours in 2013, assisting more than 2,000 charitable organizations across
its four-state footprint.
“Our employees continue to help improve lives and strengthen
communities. Year after year they demonstrate that this is a priority to
them, and I am proud to say 2013 was no different,” said Ezra Eckhardt,
president and chief operating officer of Sterling Bank.
Of the total hours volunteered, approximately 16,000 were part of
Sterling Bank’s employee volunteer time-off program. Through the
program, Sterling Bank provides employees with 12 paid hours per year to
volunteer during work hours with a nonprofit, school or public service
organization of their choice.
More than 6,500 volunteer hours qualified as Community Reinvestment Act
(CRA) hours. The CRA provides a framework for financial, government and
community organizations to jointly promote fair banking services across
all communities. Qualifying CRA organizations focus on affordable
housing, financial education and/or financial services for low- to
moderate-income populations. Other qualifying activities include
downtown revitalization efforts and small-business support.
As determined by the U.S. Bureau for Labor Statistics rate, the
estimated dollar value of the total volunteer hours translates to nearly
$1.2 million. However, the impact on the communities is greater than the
sum of the volunteer hours and financial support that Sterling Bank and
its employees bring to its neighborhoods.
Beyond volunteering, Sterling Bank employees are also active in donating
and raising funds for community organizations. An example of this effort
includes employee donations of nearly $34,000 through Sterling Bank’s
Jeans for Charity program to organizations such as the Oregon Food Bank,
Marin Humane Society, American Red Cross, Habitat for Humanity,
Shriner’s Hospital for Children and Special Olympics. This program
allows employees to make a financial donation in exchange for wearing
jeans one Friday per month. More information about Sterling Bank’s
giving program is available online at: https://www.bankwithsterling.com/Community/GivingBack.aspx.
About Sterling Bank
Savings Bank, the principal operating subsidiary of Sterling
Financial Corporation (NASDAQ:STSA) of Spokane, Washington, is a
Washington state chartered and federally insured commercial bank.
Sterling Savings Bank does business as Sterling
Bank in Washington, Oregon and Idaho and as Argent
Bank in California, offering banking products and services, mortgage
lending, and trust and investment products to individuals, small
businesses, corporations and other commercial organizations. As of Dec.
31, 2013, Sterling Financial Corporation had assets of $10.3 billion and
operated depository branches in Washington, Oregon, Idaho and
California. Visit Sterling Bank’s website at www.bankwithsterling.com.
Cara L. Coon, 509-626-5348
Source: Sterling Bank