MOUNTLAKE TERRACE, WA — June 1, 2009 — Golf Savings Bank, a leading mortgage lender in the Pacific Northwest, continues expanding its lending platform. The bank has added over 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 6 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 to 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 profits back into our business enabling us to expand in and support the communities that we serve. Our mortgage-lending capability is helping us to attract highly talented 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.

• The Special Homebuyers Loan Program provides either a low interest rate or a lender's contribution to borrowers who purchase new home construction financed by Sterling Savings Bank, the sister company of Golf Savings Bank.
• Golf Savings Bank offers FHA and VA loans administered by the Federal Housing Administration and Veterans Administration 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.
• Through Fannie Mae’s "Making Home Affordable" program, Golf Savings Bank has helped 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.

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