SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 5,1997
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STERLING FINANCIAL CORPORATION
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(Exact name of registrant as
specified in its charter)
Washington 0-20800 91-1572822
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
Incorporation) Number)
111 North Wall Street, Spokane, Washington 99201
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(Address of Principal Executive Offices)(Zip Code)
Registrant's Telephone Number, Including Area Code: (509) 458-3711
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N/A
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(Former Name or Former Address,
if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 8. Redemption of $1.8125 Series A Cumulative Convertible
Preferred Stock.
See attached information release.
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For Release August 5, 1997--8 a.m. PST
Contact: Heidi B. Stanley
(509) 358-6160
STERLING FINANCIAL CORPORATION
CALLS CONVERTIBLE PREFERRED STOCK
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Spokane, Washington--August 5, 1997--Sterling Financial Corporation
(Nasdaq: STSA) today announced that it will redeem on September 5,
1997 all of the 1,029,236 issued and outstanding shares of its $1.8125
Series A Cumulative Convertible Preferred Stock. (Nasdaq: STSAP).
The redemption price is $25.75 per Preferred Share plus 32.0 cents in
accrued and unpaid dividends through September 4, 1997. Shareholders
have the right to convert the shares prior to redemption into shares
of Common Stock at a rate of 1.9516 shares of Common Stock per
Preferred Share (with no accrued dividends payable upon conversion).
The conversion rate corresponds to a conversion price of $13.37 per
share of Common Stock issuable on conversion. On Friday, August 1,
1997, the last reported sale price of Sterling Financial Common Stock
on the Nasdaq National Market was $19.00.
Harold B. Gilkey, Chairman and Chief Executive Officer, stated, "We
believe that the majority of Preferred Shareholders will choose to
convert their Preferred Stock into Common Stock, assuming that
Sterling Financial's Common Stock continues to trade above $13.37."
Sterling Financial Corporation of Spokane, Washington, is a savings
and loan holding company which owns Sterling Savings Association.
Sterling Savings Association is a Washington State-chartered,
federally insured stock savings association which opened in April
1983. Sterling Savings Association, based in Spokane, Washington, has
branches throughout Washington State and in the Portland, Oregon,
area. Through Sterling's wholly owned subsidiaries Action Mortgage
Company and INTERVEST Mortgage Investment Company, it operates loan
production offices in Washington, Oregon, and Idaho.
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STERLING FINANCIAL CORPORATION
FORM 8 - K
S I G N A T U R E
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its' behalf
by the undersigned thereunto duly authorized.
STERLING FINANCIAL CORPORATION
(Registrant)
August 5, 1997 /s/ Daniel G. Byrne
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Date Daniel G. Byrne
Sr. Vice President, Finance
and Assistant Secretary
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