Empire Bank of Livingston merges with Spokane-based Sterling

Livingston-based Empire Bank has been bought out by Sterling Financial Corp. of Spokane, Wash.

Empire has been in Livingston since 1923, bank president Bill Ruegamer said Friday, and serves more than 12,000 customers in Park, Gallatin, Missoula and Sweet Grass counties.

By KAYLEY MENDENHALL, Bozeman Chronicle Staff Writer

When the merger is complete at the end of next week, Ruegamer said most employees will still have their jobs.

"Sterling was interested in expanding its branches in Montana and came to our shareholders with an offer that was a significant offer over what our market value was," Ruegamer explained. "It was a financial gain for the shareholders and it enlarges the services for our customers."

Empire is already a mortgage company, but Ruegamer said when the merger is complete the mortgage section of the bank will be more active, with larger loans in bigger markets.

Ruegamer said he assumes in time Empire Bank will change its name, but he doesn’t yet know what the new name will be.

The merger was unanimously approved by the boards of directors for both Empire Financial Bancorp and Sterling Financial Corp. — parent companies of the two banks.

"They are a good growing bank firm," Ruegamer said of Sterling, which has branches in Washington, Oregon, Idaho and western Montana. "They are a growing company and will have about 84 branches with this acquisition."

http://bozemandailychronicle.com/articles/2003/02/22/news/empirebzbigs.txt