Wash.'s Sterling Says Deal Furthers Its Transformation

Jackson, Ben
February 2006
American Banker;2/14/2006, Vol. 171 Issue 30, p1
Trade Publication
This article looks at Sterling Financial Corp.'s deal for Seattle-area thrift Lynnwood Financial Group Inc. Lynnwood is the holding company for Golf Savings Bank, the fifth largest mortgage originator in Washington State. Harold B. Gilkey, Sterling's chairman and chief executive, said that buying Lynnwood could actually accelerate his company's shift away from its mortgage lending roots. Golf Savings would handle most of the merged outfit's one-to-four-family mortgage loan production, freeing up Sterling up to focus primarily on commercial lending, Mr. Gilkey said.


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