Golf founder and president Charles Ainslie, who is 61, has signed a five-year consulting agreement with Sterling and will remain on Golf's board of directors, Gilkey said.
With access to Sterling's greater cash reserves, Golf's
loan officers would be able to make larger construction loans to builders than they could before, Ainslie
"We'll be able to completely finance some of the finest builders in the Northwest," he
The purchase also means that Sterling
will get access to Golf's
proprietary mortgage-writing software, which should increase Sterling's loan production, Ainslie
said."It'll give us an advantage over Countrywide, all the large companies."Ainslie founded Golf in 1981 as Lynnwood Mortgage Corp.He
converted the company to a full-service bank in 2000.
Under the deal announced Monday, Ainslie
would receive $15.75 million in cash.He
and other shareholders would receive 1.8 million shares of Sterling common stock in exchange for their shares of Lynnwood Financial Group