Sterling National Bank Completes Acquisition of $839 Million in Middle Market Commercial Equipment Finance Loans and Leases from Santander Bank, N.A.
MONTEBELLO, N.Y., Dec. 02, 2019 (GLOBE NEWSWIRE) — Sterling Bancorp (NYSE: STL), announced today that its principal subsidiary, Sterling National Bank, has completed the previously announced acquisition of middle market commercial equipment finance loans and leases from Santander Bank, N.A.
The balance of equipment finance loans and leases outstanding acquired was $839 million.Jack Kopnisky, President and CEO of Sterling, noted, “We are pleased to complete this acquisition, which will enhance our commercial banking capabilities and augment our organic origination volumes. We look forward to delivering excellent service and financing flexibility to our new clients.”Thomas X. Geisel, President – Corporate Banking, noted, “This acquisition enables us to focus on and invest in the growth of our commercial finance vertical. The portfolio will be integrated into Sterling’s established national Equipment Finance platform. The conversion teams have worked diligently to ensure a seamless integration.”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.