Merger is Complete

Shareholders of bank owner Lynnwood Financial Group approved a merger with competitor Sterling Financial in June that closed on July 5, 2006.

Originally announced in February, Lynnwood shareholders will receive a total of 1.8 million Sterling shares and about $15.8 million in cash.

Lynnwood is the parent of Golf Savings Bank, a Seattle thrift holding company. Spokane-based Sterling is the parent of Sterling Savings Bank.

Golf Savings Bank mortgage division will continue under its current name and under the direction of Sr. VP Donn Costa. Sterling's mortgage company, Action Mortgage, becomes part of Golf, which will now have mortgage lending officers in four Western states and over 150 loan officers.

Golf's retail bank in Mountlake Terrace will remain under its current name as well with Sr. VP Rob Fuller continuing at the helm.

Golf Construction Lending will become part of Action Mortgage Construction Lending, but long-time Golf executive Dennis O'Leary will run the office in Mountlake Terrace with the title of Sr. VP as well