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Hundreds of Sterling Savings Bank employees give generously of their time each year to be involved in community activities, working with those from kindergarten age to senior citizen. Our employees give financial education classes at local schools and community centers. They lend their expertise to non-profit organizations in their neighborhoods by serving on boards and committees and partnering with these agencies to provide education, such as first time home buyer classes, to the community. We are proud to be an active part of the communities we call home.
Congress enacted the Community Reinvestment Act (CRA) in 1977. It encourages banks to seek out innovative and non-traditional funding sources and opportunities to meet the credit needs of the entire community. The main focus of CRA is to provide a meaningful and lasting impact on low- and moderate-income families by ensuring that their credit needs are actively addressed and met.
Sterling Savings Bank strives to meet the objective of the Community Reinvestment Act. We have programs that address the lending and housing needs of lower income people. Sterling provides lending support to small businesses and farms. We support the community, and economic development and community financing organizations. Sterling addresses the need for low income housing by participating in Federal Home Loan Bank affordable housing incentive programs, financing affordable rental housing through loans and, in some cases, tax-favored investments.
Sterling supports non-profit organizations that promote solutions to affordable housing and community development. Based on recommendations and CRA Grant applications from branches more than 60 grants were funded in 2002 by Sterling. The size of these grants generally ranged from below $500 to $3,500.
CRA grants are used to assist non-profit organizations in a variety of ways. Sterling dollars are used for general operating expenses, equipment purchases, advertising, office relocation, promotional items, loan costs and fees, building materials, downtown improvement projects, small business education classes, etc.
The CRA department is always ready to consider any CRA Grant request that focuses on low- and moderate-income families for financial education and services or affordable housing or community development.
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