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STERLING FINANCIAL ANNOUNCES ISSUANCE OF NOTES

 SPOKANE, Wash., Feb. 8 /PRNewswire/ -- Sterling Financial Corp. (NASDAQ: STSA) today announced the issuance of $15,000,000 of 8.75-percent Subordinated Notes plus an additional $2,250,000 in Notes to cover overallotments. All of the notes are being underwritten by Dain Bosworth Incorporated.
 Sterling Financial Corp. initially intends to contribute approximately $12 million of the net proceeds to its wholly owned subsidiary Sterling Savings to further improve Sterling Savings' capital ratios. Sterling Savings intends to use this additional capital to support the growth of its business, including expanding its branch network and funding loans. The net proceeds at the holding company level will be used for general corporate purposes.
 This announcement is neither an offer to sell nor a solicitation of an offer to buy the Subordinated Notes. The offering is made only by means of the Prospectus which may be obtained from any underwriter or dealer authorized to offer the Subordinated Notes. A registration statement with respect to the Subordinated Notes was filed with the Securities and Exchange Commission and became effective on Feb. 3, 1993.
 Sterling Financial Corp. is a savings and loan holding company which owns, among other subsidiaries, Sterling Savings. Sterling Savings Association is a Washington State-chartered, federally insured stock savings association which opened in April 1983. The association, based in Spokane, has 27 branches throughout the state of Washington and, through its wholly owned subsidiary Action Mortgage Co., operates loan production offices in Washington, Oregon and Idaho.
 -0- 2/8/93 R
 /CONTACT: Heidi B. Stanley of Sterling Financial, 509-458-2711/
 (STSA)


CO: Sterling Financial Corp.; Sterling Savings Association ST: Washington IN: FIN SU:

LM-SG -- SE014 -- 4700 02/09/93 13:16 EST
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Publication:PR Newswire
Date:Feb 9, 1993
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