Sterling Financial Corporation Becomes Financial Holding Company

Apr 17, 2001, 01:00 ET from Sterling Financial Corporation

    LANCASTER, Pa., April 17 /PRNewswire/ --
 Sterling Financial Corporation (Nasdaq:   SLFI) recently received notification
 from the Board of Governors of the Federal Reserve System approving its
 election to become a financial holding company under the Gramm-Leach-Bliley
 Financial Modernization Law.  As a financial holding company, Sterling may
 enter into an expanded list of regulatorily preapproved financial services and
 activities.  Financial holding company status is permitted to well-managed and
 well-capitalized financial companies.  The financial holding company is
 expected to become the principal entity used by companies in the future as the
 banking, securities and insurance industries continue to converge.
     John Stefan, Chairman and CEO of Sterling, stated:  "Our decision to
 become a financial holding company was the next logical step in executing upon
 our strategic plan to `Build a New Sterling.'  We have been extremely pleased
 with our progress to date in the integration of our acquisitions, the
 expansion of our retail network, and the enhancement of our core processing
 systems.  As we `Build a New Sterling,' our shareholders and customers can
 continue to expect us to enhance long-term shareholder value by profitably
 growing our product and service lines.  Financial holding corporation status
 will only expedite and assist in this process."
 
     Sterling Financial Corporation presently operates 49 banking locations in
 south central Pennsylvania and northern Maryland through its subsidiary banks,
 Bank of Lancaster County, N.A., Bank of Hanover and Trust Company, First
 National Bank of North East and Bank of Lebanon County.
     This press release may contain forward-looking statements as defined by
 the Private Securities Litigation Reform Act of 1995.  Actual results and
 trends could differ materially from those set forth in such statements due to
 various factors.  Such factors include the possibility that increased demand
 or process for the Company's financial services and products may not occur,
 changing economic and competitive conditions, technological developments, and
 other risks and uncertainties, including those detailed in Sterling's filings
 with the Securities and Exchange Commission.
 
 

SOURCE Sterling Financial Corporation
    LANCASTER, Pa., April 17 /PRNewswire/ --
 Sterling Financial Corporation (Nasdaq:   SLFI) recently received notification
 from the Board of Governors of the Federal Reserve System approving its
 election to become a financial holding company under the Gramm-Leach-Bliley
 Financial Modernization Law.  As a financial holding company, Sterling may
 enter into an expanded list of regulatorily preapproved financial services and
 activities.  Financial holding company status is permitted to well-managed and
 well-capitalized financial companies.  The financial holding company is
 expected to become the principal entity used by companies in the future as the
 banking, securities and insurance industries continue to converge.
     John Stefan, Chairman and CEO of Sterling, stated:  "Our decision to
 become a financial holding company was the next logical step in executing upon
 our strategic plan to `Build a New Sterling.'  We have been extremely pleased
 with our progress to date in the integration of our acquisitions, the
 expansion of our retail network, and the enhancement of our core processing
 systems.  As we `Build a New Sterling,' our shareholders and customers can
 continue to expect us to enhance long-term shareholder value by profitably
 growing our product and service lines.  Financial holding corporation status
 will only expedite and assist in this process."
 
     Sterling Financial Corporation presently operates 49 banking locations in
 south central Pennsylvania and northern Maryland through its subsidiary banks,
 Bank of Lancaster County, N.A., Bank of Hanover and Trust Company, First
 National Bank of North East and Bank of Lebanon County.
     This press release may contain forward-looking statements as defined by
 the Private Securities Litigation Reform Act of 1995.  Actual results and
 trends could differ materially from those set forth in such statements due to
 various factors.  Such factors include the possibility that increased demand
 or process for the Company's financial services and products may not occur,
 changing economic and competitive conditions, technological developments, and
 other risks and uncertainties, including those detailed in Sterling's filings
 with the Securities and Exchange Commission.
 
 SOURCE  Sterling Financial Corporation