<PAGE>

                                   Exhibit 14

                                 CODE OF ETHICS

      The following information outlines a code of business ethics for
Sterling's Directors, senior officers, and employees. This code provides
guidance on how to maintain the company's commitment to being ethical in all its
business dealings. As with many codes, some sections and topics may be more
relevant to certain individuals than to others. However, because one person's
misconduct can damage Sterling's hard-earned reputation and compromise the
public's trust, everyone should become familiar with the entire code. This code
augments the Sterling Financial Corporation Employee Handbook.

   -  It is your responsibility to comply with the law and behave in an ethical
      manner. This responsibility cannot be delegated or assumed by Sterling.

   -  This code cannot anticipate every possible situation or cover every topic
      in detail. Most of the topics covered in this code are explained in
      greater detail in the Sterling Financial Corporation Employee Handbook.
      From time-to-time the company may establish compliance programs to address
      specific subjects. If you are unclear about a situation, seek guidance
      before taking action.

   -  The standards in this code do not necessarily take into account all legal
      requirements. Where more restrictive local laws or requirements exist,
      those take precedence.

   -  Comply with all applicable governmental rules and regulations. Failure to
      obey laws and regulations violates this code and may expose both you and
      Sterling to criminal or civil prosecution. Any violation of this code or
      other compliance programs may result in corrective action, up to and
      including termination. Sterling may also seek civil remedies from you and
      even refer criminal misconduct to law enforcement agencies.

   -  You are responsible for reporting suspected violations of this code.

   -  If you have a question about a topic covered in this code, please review
      the Sterling Financial Corporation Employee Handbook and if you still have
      a concern regarding any unethical or illegal conduct, please contact Human
      Resources or follow the guidelines in the "Whistle-Blowing" section of the
      Sterling Financial Corporation Employee Handbook.


Conflicts of Interest

      A "conflict of interest" exists any time one faces a choice between what
is in his/her personal interest (financial or otherwise) and the interest of
Sterling. Such situations are not always easy to avoid. When a conflict of
interest arises, it is important that individuals act with great care to avoid
even the appearance that their actions were not in the best interest of
Sterling. If one finds oneself in a position where objectivity may be questioned
because of individual interest or family or personal relationships, notify Human
Resources immediately.


                                       1
<PAGE>
Ownership Interests

      Board of Directors approval is required for Sterling to do business with a
company in which a Director, senior officer, employee or family member owns -
directly or indirectly - an interest. [If you or a family member own or acquire
an interest that is greater than 5 percent in any company, Board approval is
needed:

   -  If the company has more than $1,000 in deposits, loans or does more than
      $1,000 in annual sales of goods or services to Sterling or its affiliates;
      or

   -  you help make Sterling purchasing or lending decisions or have a part in
      payment for the goods and services.

If your ownership interest does not meet any of the above criteria, Board
approval is not needed, but you remain obligated to keep Sterling's interests
first in mind.]

Gifts, Meals, Services and Entertainment

      You should not request or accept anything that might be used as a means to
influence, or even appear to influence, you against Sterling's best interests.
Personal gifts should not be accepted other than those considered common
business courtesies and for which you would reasonably expect to give something
similar in return in the normal course of business.

Safeguarding Company Assets/Accuracy Of Books And Records

      Sterling maintains internal controls to provide direction on protecting
company assets and financial accountability. The controls are based upon the
following principles.

DO NOT:

   -  Make personal use of company assets that creates any additional costs for
      the company, interferes with work duties or violates any company policies;

   -  Allow company property to be used to help carry out illegal acts;

   -  Manipulate financial accounts, records or reports for personal gain;

   -  Maintain off-the-book accounts to facilitate questionable or illegal
      payments; or

   -  Violate any law or regulation.

DO:

   -  Ensure effective internal controls and procedures are designed and
      implemented;

   -  Prepare project budget proposals with accurate information;


                                       2
<PAGE>
   -  Maintain books, accounts and records according to generally accepted
      accounting principles, using enough detail to reflect accurately and
      fairly company transactions;

   -  Record transactions in a timely manner, so that no misleading financial
      information is created. (These transactions include, but are not limited
      to, income, expense, indebtedness, obligation, reserves and acquisition or
      disposition of assets, etc.) and

   -  Give full, fair, accurate, timely, and understandable disclosure in any
      and all periodic reports filed with the Securities Exchange Commission.

Insider Trading

      Insider trading is a crime that can carry severe penalties. If you know
material, confidential information about Sterling or any company with whom
Sterling has a business relationship and you trade company securities, such as
stocks or bonds, while in possession of that information or tell others about it
before it is made public, you may have violated the insider trading laws. Please
review the Employee Handbook for details on our insider trading policy.

      Material information is the type of news that would affect a reasonable
investor's decision on whether or not to invest in the company's stock. Examples
include plans to issue securities, sharp changes in earnings patterns, changes
in dividend rates, changes in key management personnel, mergers, acquisitions,
and important regulatory actions affecting the company. This policy forbids you
from trading not only in Sterling stock, but also in those of its suppliers,
customers or other companies with whom Sterling has a business relationship
while in possession of material inside information learned in the course of your
employment at Sterling.

      We encourage all officers to invest in Sterling stock. However, if you
have access to any information not readily available to the public, you must be
very careful when trading stock to be sure you have not traded while in
possession of material non-public information. When you have such information:

   -  Do not tell anyone not authorized to have the information. A casual remark
      to a friend may find its way to a broker and eventually to the entire
      financial community thereby requiring the company to make a premature or
      unplanned public announcement. This "tipping" may be illegal and damaging
      to Sterling.

   -  In compliance with the Sarbanes-Oxley Act of 2002, trading is prohibited
      in the company's stock (or that of an applicable outside company) until
      the news has been made public for at least two business days.
      Circumstances suggesting the possibility of insider trading may result in
      an investigation by governmental authorities of company and stockbroker
      records of stock trading transactions. This investigation could damage
      Sterling's reputation and result in liability or penalties, including
      criminal charges and fines against the individual.

   -  This policy against insider trading also covers transfers into and out of
      company stock or savings plans and changes in patterns involving purchases
      of Sterling stock within the plans. However, generally, regular scheduled
      purchases of Sterling stock within plans are not prohibited.


                                       3
<PAGE>
      If you are planning to effect a transaction in Sterling securities,
contact our Insider Trading Compliance Officer, in advance.

Bribery, Kickbacks And Other Improper Payments

      Sterling and its Directors, officers, and employees must maintain high
ethical and professional standards in all dealings.

   -  Do not directly or indirectly promise, offer or make payment in money or
      anything of value to anyone, including a government official, agent or
      employee of a government, political party, labor organization or business
      entity or a candidate of a political party, with the intent to induce
      favorable business treatment or to improperly affect business or
      governmental decisions.

   -  Our code does not necessarily take into account all local legal
      requirements. Where more restrictive local laws exist, those take
      precedence. In general, Sterling does not consider ordinary and reasonable
      business entertainment or gifts of insubstantial value that are customary
      and legal in the local market to be improper.

   -  Document any entertainment of and gifts to customers and potential
      customers.

   -  Loans are not made by Sterling to its Directors, senior officers, and
      employees. Loans are made by our banking subsidiaries and comply with all
      federal and state laws, statutes and regulations.


                                       4