Sterling Financial plans special dividend

Sterling Financial of Spokane became the latest of several Pacific Northwest companies declaring a special dividend to get ahead of potential tax increases next year.

The parent of Sterling Savings Bank said it will pay a special 35-cent cash dividend and will accelerate the regular quarterly 15-cent dividend that ordinarily would be paid in the first quarter of 2013. Both will be paid Dec. 28.

With 62 million shares outstanding, the special dividend will cost Sterling about $21.7 million.

Two private equity funds each own about 23 percent of Sterling’s shares, so the special dividend will pay them almost $5 million apiece.