Sterling’s Ken Poteet guides bank to success with startups

PRLog (Press Release) - Jan. 21, 2013 - Under the guidance of President and CEO Ken Poteet, Sterling Bank in Clayton, MO., has gained a reputation of being uniquely experienced in business startups. Poteet steered Sterling Bank through one of the worst economic downturns our nation has experienced, from its early inception in Poplar Bluff to its opening in Van Buren, MO, to its 2009 establishment in a highly visible Clayton location at 50 S. Bemiston Ave. Under his leadership, Sterling Bank became profitable in only its third month in business.  Even more, the bank earned back to book by its third full year.  

         The full utilization of the LIHTC, Low Income Housing Tax Credit Programs has been one of the key reasons for Sterling Bank’s high performance since its inception.  Among others, this includes LIHTC Interim Construction Loans, letters of Credit for Completion Assurance, Operating Deficit and Reserve Replacement.  Permanent loans for equity gap for affordable housing development, warehouse lines for state credits and equity loans for the purchase of a 10-year stream of federal credits by high net worth individuals.  Sterling Bank also deals in energy tax credits, helping fund alternative energy-powered housing projects.

         In addition, Sterling was the first bank in the state to initiate the Wild Card Statute allowing state-chartered banks to purchase up to 15 percent of unimpaired capital in a public welfare activity, such as the purchase of LIHTCs.  As of Dec. 31, 2011, Sterling was ranked eighth in the nation in safety, soundness and profitability of all financial institutions with $100 million to $500 million in total assets and seventh among all financial institutions in the State of Missouri.  As of May 2012, Sterling Bank exceeds $400 million in total assets.

         That personalized approach with the finest in service seems a rarity in an age when banking has gone more and more online.  Indeed, Sterling Bank has some of the most distinctive physical facilities around – facilities that reflect the bank’s commitment to the nostalgia and solidity of the past, to its state-of-the art and customized service to its current upscale clientele, coupled with an essential look toward the future.  

         For more information on Sterling Bank and its tax-credit opportunities, contact Ken Poteet at 314-571-5610, kpoteet@sterbank.com, or visit www.sterbank.com.

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