Golf Savings Bank, a leading mortgage lender in the Pacific Northwest, recently announced that it is continuing to expand its lending platform. The bank has added more than 170 new employees since November 2008 and expects to hire additional staff for both sales and administrative positions. Since late 2008, Golf Savings Bank has opened six new offices throughout the Pacific Northwest. Golf Savings Bank has increased and broadened its lending initiatives following the allocation of capital from its parent company, Sterling Financial Corporation, a participant in the U.S. Department of the Treasury's Capital Purchase Program.

"We continue to experience a record number of mortgage closings thanks primarily to the recent economic stimulus and incentive programs, which allow homebuyers to refinance or purchase homes at favorable rates and on favorable terms," said Donn Costa, executive vice president of Golf Savings Bank. "In this difficult economic environment, we are investing our resources into our business to enable us to expand in and support the communities that we serve. Our mortgage-lending capability is helping us attract highly talented mortgage originators, underwriters and processing staff."

Golf Savings Bank is a participant in a number of programs that help homebuyers, including many first-time and low- to moderate-income buyers, invest in the home of their dreams. Additionally, Golf Savings Bank also works closely with borrowers to refinance mortgage loans into mortgage products with affordable payments. Programs currently available to Golf Savings Bank customers include:

  • The Special Homebuyers Loan Program, which provides either a low interest rate or a lender's contribution to borrowers who purchase new home construction that has been financed by Sterling Savings Bank, the sister company of Golf Savings Bank.
  • FHA and VA loans offered by Golf Savings Bank and administered by the Federal Housing Administration and Veterans Administration, respectively, for homebuyers with low to moderate incomes.
  • The Home$tart program, offered through the Federal Home Loan Bank of Seattle, provides down-payment and closing-cost assistance of up to $5,000 to low- to moderate-income borrowers purchasing their first homes.
  • The Fannie Mae �Making Home Affordable� program, which allows Golf Savings Bank to help borrowers with declining home values refinance into stable, low-rate products.

About Golf Savings Bank

Golf Savings Bank's primary focus is the origination of high-quality residential home loans within a network of over 30 loan offices located throughout the Pacific Northwest. Golf Savings Bank offers affordable loan programs and products to homebuyers, including many first-time and low- to moderate-income buyers. Headquartered north of Seattle, Golf Savings Bank is a federally insured, Washington-state chartered savings bank. It is a wholly owned subsidiary of Sterling Financial Corporation (NASDAQ: STSA). Please visit at www.golfsavingsbank.com for more information.

About Sterling Financial Corporation

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 March 31, 2009, Sterling Financial Corporation had assets of $12.82 billion and operated more than 175 depository branches throughout Washington, Oregon, Idaho, Montana and California. Visit Sterling's website at www.sterlingfinancialcorporation-spokane.com.

Golf Savings Bank Forward-Looking Statements

This report contains forward-looking statements, which are not historical facts and pertain to Golf Savings Bank�s future operating results. These forward-looking statements are within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about Golf Savings Bank�s plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts. When used in this report, the words �expects,� �anticipates,� �intends,� �plans,� �believes,� �seeks,� �estimates� and similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Golf Savings Bank�s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements because of numerous possible risks and uncertainties. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in Golf Savings Bank�s loan portfolios; shifts in interest rates that may result in lower interest rate margins; shifts in the demand for Golf Savings Bank�s loan and other products; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment.

Satsuma Pharmaceuticals (NASDAQ:STSA)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Satsuma Pharmaceuticals Charts.
Satsuma Pharmaceuticals (NASDAQ:STSA)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Satsuma Pharmaceuticals Charts.