SEATTLE--(EON: Enhanced Online News)--The Federal Home Loan Bank of Seattle (Seattle Bank) has named Sterling Bank, headquartered in Spokane, Washington, as the recipient of its 2013 Community Spirit Award. The prestigious annual award recognizes a financial institution member of the Seattle Bank cooperative for its use of the bank’s community investment programs in meeting affordable housing and economic development needs in the communities it serves.
“When families have a place to call home, the whole community prospers.”
“We are very pleased to name Sterling Bank as our 2013 Community Spirit Award recipient,” said Seattle Bank President and CEO Michael L. Wilson. “We recognize only one of our member financial institutions with this award each year. In addition to meeting all of our 2013 award criteria, Sterling Bank distinguished itself based on its use of the Seattle Bank’s community investment programs in addressing a broad range of affordable housing needs in its market area.”
Through its membership in the Seattle Bank and strong community partnerships, Sterling Bank has helped to provide nearly $49.5 million of grants and reduced-rate loans to support 2,240 affordable homes in its communities. Since the inception of the Seattle Bank’s community investment programs, Sterling Bank has sponsored $8.5 million of Affordable Housing Program (AHP) grants, $40.0 million of Community Investment Program / Economic Development Fund (CIP/EDF) loans, and $892,000 of Home$tart Program grants.
“Sterling appreciates being recognized for its community investments, specifically regarding affordable housing,” said Sterling Bank CEO Greg Seibly. “When families have a place to call home, the whole community prospers.”
A two-time Community Spirit Award recipient, Sterling Bank was also recognized with the award in 2003.
Sterling Bank will receive the Community Spirit Award at a ceremony to be held in Spokane on November 7, 2013. Along with the award, Sterling Bank will receive a $5,000 contribution from the Seattle Bank for its use in supporting its affordable housing mission in the community.
About Sterling Bank
Sterling Savings Bank, the principal operating subsidiary of Sterling Financial Corporation (NASDAQ:STSA) of Spokane, Washington, is a Washington state chartered and federally insured commercial bank. Sterling Savings Bank does business as Sterling Bank in Washington, Oregon and Idaho and as Sonoma Bank and Borrego Springs Bank in California. The bank offers banking products and services, mortgage lending, and trust and investment products to individuals, small businesses, corporations and other commercial organizations. As of June 30, 2013, Sterling Financial Corporation had assets of $9.94 billion and operated depository branches in Washington, Oregon, Idaho and California. Visit Sterling Bank’s website at www.bankwithsterling.com.
About the Seattle Bank
The Federal Home Loan Bank of Seattle (Seattle Bank) is a member-owned cooperative, serving approximately 330 members including banks, savings institutions, credit unions, and insurance companies. The Seattle Bank provides its members with access to wholesale funding, which they can use to make home mortgages, small business, and other loans in their communities. Each year, the bank provides 10 percent of its profits to fund affordable housing — both rental and homeownership — and provides millions of dollars in reduced-rate loans for affordable housing and community economic development. Funds are distributed through the Seattle Bank’s members, who partner with a variety of community organizations to create affordable housing and economic development opportunities in the communities they serve.
The Seattle Bank’s Community Spirit Award recognizes a Seattle Bank member for its use of the bank’s community investment programs in meeting community needs. The Affordable Housing Program (AHP) provides subsidy to acquire, construct, or rehabilitate affordable rental or owner-occupied housing for low- and moderate-income households. The Home$tart Program provides downpayment assistance to eligible homebuyers earning up to 80 percent of area median income. The Community Investment Program and Economic Development Fund offer reduced-rate loans for affordable housing and community economic development.
One of 12 Federal Home Loan Banks in the United States, the Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam, and the Northern Mariana Islands.
Visit the Seattle Bank’s website at www.fhlbsea.com.