Sterling Financial Corp. in Spokane, Wash., said that regulators have lifted a cease-and-desist order under which it was operating just one month after the company completed a recapitalization.
The $9.7 billion-asset Sterling, which had previously acknowledged doubts about its viability, raised $730 million of fresh capital last month. Sterling had been under a regulatory order since October 2009 requiring it to boost capital ratios by Sept. 1.
Greg Seibly, the company's chief executive, said in a press release Monday that regulators' action in lifting the order is a testament to the progress of Sterling's recovery and its improving financial results.
The company expects to maintain a Tier 1 capital ratio of more than 8%, Seibly said.
