Sterling National Bank Enters Definitive Agreement to Acquire $843 Million of Middle Market Commercial Equipment Finance Loans and Leases from Santander Bank, N.A.

MONTEBELLO, N.Y., Oct. 07, 2019 (GLOBE NEWSWIRE) — Sterling Bancorp (NYSE: STL), announced today that its principal subsidiary, Sterling National Bank, has entered into a definitive agreement to acquire a portfolio of middle market commercial equipment finance loans and leases from Santander Bank, N. A.

As of September 30, 2019, the balance of loans and leases outstanding to be acquired was $843 million. The portfolio has a weighted average tax-equivalent yield of approximately 4.3% and consists mainly of fixed rate loans and leases. The portfolio will be integrated into Sterling’s established national Equipment Finance platform, resulting in a pro forma combined portfolio of approximately $2 billion in total loans and leases outstanding.

Jack Kopnisky, President and CEO of Sterling, noted, “We are pleased to announce this acquisition, which will augment our organic origination volumes and accelerate our strategy of repositioning our balance sheet and loan portfolio to a more diversified commercial mix.”

The transaction is expected to close during the fourth quarter of 2019.

About Sterling Bancorp
Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling’s current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling at managing these risks. Other factors that could cause Sterling’s actual results to differ from those indicated in forward-looking statements are included in the “Risk Factors” section of Sterling’s securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling specifically disclaims any obligation to update these statements in the future.

STERLING BANCORP CONTACT:
Luis Massiani, SEVP & Chief Financial Officer
845.369.8040

Sterling Bancorp
400 Rella Boulevard
Montebello, NY 10901-4243

T 845.369.8040
F 845.369.8255

http://www.sterlingbancorp.com

 

IR Press

Share
Published by
IR Press

Recent Posts

OCC Announces Enforcement Actions for November 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against…

17 hours ago

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

1 day ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

2 days ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

3 days ago

Remarks by Assistant Secretary for Investment Security Paul Rosen at the Third Annual CFIUS Conference

As Prepared for Delivery Good afternoon.  I’d like to start by thanking our panelists today for…

3 days ago