Golf Savings Bank Continues Expanding Lending Platform
June 01 2009 - 8:00AM
Business Wire
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.
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