Sterling Savings Bank Donates 25K to Help Revitalize Downtown Ellensburg

Published October 02, 2009 @ 02:31PM PT

FOR IMMEDIATE RELEASE

Sterling Savings Bank Donates $25,000 to Support Downtown Ellensburg Revitalization

Sterling Savings Bank has donated $25,000 to the Ellensburg Downtown Association in support of its efforts to revitalize Ellensburg’s historic downtown. Nicalee Smith, Sterling’s Vice President and Community Manager, sees this contribution as an important opportunity for the bank and its customers. “Many of our customers are downtown businesses and property owners and we’re pleased to support the EDA and their efforts to revitalize the economy here in the community where our customers live and work,” Smith said.

The Ellensburg Downtown Association is a state and nationally recognized Main Street program. More than a dozen new businesses have opened in Downtown Ellensburg so far this year as a result of the association’s efforts, an additional five new businesses are scheduled to open in October.  The association also worked with the city to adopt a new model building code application for historic buildings earlier this year to help encourage investment in historic building rehabilitation.   The association’s work with start up software company Tallee.com, and innovative partnerships with Central Washington University were recognized by the Washington State Main Street Program earlier this year with two “Excellence in Downtown Revitalization” awards.  The Association has recently certified staff and several volunteers as instructors for the nationally recognized NXLevel Entrepreneur business training program in an effort to meet increasing demand for small and start up business assistance. 

In addition to financial support, Sterling Savings’ employees have also been actively involved in the association’s efforts. Nicalee Smith, and fellow Sterling Savings employees, Deborah Essman, Branch Manager, Gary Jones, Commercial Banker and Meghan Acree and Chris Johnson, Customer Service Representatives are all part of the association’s NxLevel Entrepreneur training program.  Jones and Johnson, also both serve on the EDA’s economic restructuring committee that oversaw the development of the model building code application for historic buildings and helped host last spring’s Emerging Entrepreneur Symposium.

Sterling Savings Bank has long supported the efforts of the Ellensburg Downtown Association and has made a similar contribution for each of the last four years,.  The association’s president Mary Young-Ness sees Sterling’s support as critical to the organization’s success.  “This has been a challenging year for small business, and the EDA has had to work harder and smarter to provide the tools, resources and leadership to sustain downtown’s economy.”  Young-Ness said.  “Sterling’s willingness to invest in the revitalization of our downtown and the EDA’s efforts has been a critical factor in our success.”  

Association Director Timothy Bishop said, “Statewide, this tax credit is an important tool to help communities, like Ellensburg, leverage the resources to revitalize our downtowns.  “And for businesses like Sterling Savings, it’s a chance to direct their tax dollars towards local efforts that have a direct impact on their customers and the businesses they serve.”

Sterling Financial Corporation of Spokane, Washington, is the bank holding company for Sterling Savings Bank, a commercial bank, and Golf Savings Bank, a savings bank focused on single-family mortgage originations. Both banks are state chartered and federally insured. Sterling offers banking products and services, mortgage lending, construction financing and investment products to individuals, small businesses, commercial organizations and corporations. As of September 30, 2008, Sterling Financial Corporation had assets of $12.62 billion and operated more than 175 depository branches throughout Washington, Oregon, Idaho, Montana and California.

The Main Street Tax Credit was established in the 2005 legislative session as an incentive to assist communities trying to revitalize their downtowns and allows businesses to take up to $100,000 in tax credits in return for their contribution to a locally designated revitalization program. Information on how to apply for this new tax credit is available on the Department of Revenue website at http://dor.wa.gov/content/taxes/Incentives/default.aspx#MainStreet. Or, download a list of frequently asked questions and a summary of the Bill from the Ellensburg Downtown Associations website at www.ellensburgdowntown.org.