Sterling Sub Buys CA Mortgage Banker

Sterling Financial Corp., Spokane, Wash., has announced the acquisition of the servicing portfolio, name, and other assets of Mason-McDuffie Financial Corp., an Oakland, Calif.-based mortgage banking operation, by Sterling's wholly owned subsidiary Intervest-Mortgage Investment Co.The terms of the transaction were not disclosed. "Since opening an office in Sacramento in 2004, Intervest has originated over $450 million in construction and interim loans in that region," said John Harlow, president of Intervest. "The combination of the Oakland office of Mason-McDuffie with Intervest's Sacramento office will create a full-service mortgage banking operation, second to none in Northern California." Intervest will operate under the name of Mason-McDuffie Financial Corp. in Northern California. The company said Campbell O'Neill will be president of Mason-McDuffie and will lead Intervest's lending activities in that area. Sterling Financial can be found online at http://www.sterlingsavingsbank.com.