Sterling Savings Bank today announced a program that offers qualified borrowers a choice of 3.875 percent on a 30-year fixed mortgage rate or a 3 percent contribution from the lender. This special pricing is available on all newly constructed homes currently financed by Sterling Savings Bank.

Sterling Saving Bank will partner with Golf Savings Bank to offer this special loan pricing program beginning March 25, 2009. Sterling Savings Bank and Golf Savings Bank are both subsidiaries of Sterling Financial Corporation (NASDAQ:STSA).

"This new program allows us to put the funds that Sterling received as a participant in the U.S. Department of the Treasury's Capital Purchase Program to work in a manner that is expected to directly benefit the customer,� said Greg Seibly, president of Sterling Savings Bank. �By building this program together with Golf Savings Bank, we have the opportunity to provide qualified borrowers with a great loan package. By offering qualified homebuyers a choice, we are reaching FHA and VA buyers as well as those in the conventional arena."

Seibly also pointed out that this program covers a selection of homes from some of the best builders in the most desirable areas of Oregon, Washington, Idaho, Montana and California.

Donn Costa, executive vice president at Golf Savings Bank, agrees. "We feel this is a great way to get the U.S. Treasury funds into the hands of consumers in a meaningful way," he said. "This really is a win-win program, allowing consumers the opportunity to receive an incredible loan package, no matter which offer they choose."

The Sterling plan gives qualified borrowers a choice of either a 3.875 percent fixed mortgage rate or a 3 percent contribution (up to $20,000) from Sterling that can be used to fund financing costs associated with the home purchase for home sales closing by the end of May 2009. This program is designed to provide financing assistance to both first-time homebuyers and more experienced homebuyers on qualifying, newly constructed properties. Sterling Savings Bank will accept applications to participate in this program from March 25 through April 15, 2009.

To receive details regarding the terms and conditions and to apply for this special offer, call Sterling's Home Loan Center at (888) 671-1113 or Golf Savings Bank at (800) 583-3086.

ABOUT STERLING SAVINGS BANK AND GOLF SAVINGS BANK

Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a commercial bank, and Golf Savings Bank, a savings bank focused on single-family mortgage originations. Both banks are state chartered and federally insured. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. As of December 31, 2008, Sterling Financial Corporation had assets of $12.78 billion and operated more than 175 depository branches throughout Washington, Oregon, Idaho, Montana and California.

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