Sterling Bancorp

Sterling Bancorp
Public
Traded as NYSE: STL[1]
Industry Financial services
Founded 1888
Headquarters Montebello, NY
Key people
 Louis Cappelli
(Chairman)
Jack Kopnisky
(President & CEO)
Total assets Increase US$ 11.956 billion (2015)[2]
Website www.sterlingbancorp.com

Sterling Bancorp is a regional bank holding company whose principal subsidiary, Sterling National Bank, provides a full range of banking and financial services to business owners, their families, and consumers, primarily in the greater New York metropolitan and Hudson Valley regions. Sterling National Bank had assets of nearly $12 billion at December 31, 2015.[3] Headquartered in Montebello, New York, Sterling Bancorp's shares are traded on the New York Stock Exchange (NYSE:STL).[4]

History

The entity now known as Sterling was founded in 1888 under the name Provident Bank. It later became a subsidiary of Provident New York Bancorp.[5]

On August 10, 2012, the company acquired Gotham Bank of New York, which enabled the company to expand into the New York City marketplace.[6]

On October 31, 2013, the company acquired Sterling Bancorp through a merger. Provident changed its legal name to Sterling Bancorp and the name of its principal banking subsidiary to Sterling National Bank. The merger was intended to create a larger, more diversified company with a broader range of products and services for small-to-middle market commercial clients and consumers.[2]

On June 30, 2015, Sterling completed the acquisition of Hudson Valley Holding Corp., which further expanded its presence in the greater New York Metropolitan region.[2]

The company also made smaller acquisitions to add specialized products and services, most recently including Damian Services Corp., a payroll financing business (acquired March 2, 2015),[7] and a factoring portfolio from First Capital Corp. (acquired May 18, 2015).[8]

Through these acquisitions Sterling has expanded its range of services and market presence while providing opportunities for cost efficiencies and higher revenues and earnings.[2]

Differentiation

The company is pursuing a strategy of becoming a high-performing banking institution with a focus on serving small to middle market commercial businesses and affluent consumers. The bank believes this client segment is frequently underserved by larger bank competitors in its market area. Sterling employs a team-based strategy in which each client is served by relationship team that provides a single point of contact for delivering the bank’s products and services and manages all aspects of the client relationship.[2]

References

  1. ↑ Trade Symbol
  2. 1 2 3 4 5 "Sterling Bancorp 2015 Annual Report Form (10-K). EDGAR. United States Securities and Exchange Commission". February 29, 2016. Retrieved March 30, 2016.
  3. ↑ "Sterling Bancorp 2015 4th quarter earnings call transcript", Seeking Alpha. Retrieved March 30, 2016.
  4. ↑ "NYSE quote". New York Stock Exchange. Retrieved March 30, 2016.
  5. ↑ Provident New York Bancorp 2012 Annual Report. Item 1, Business, page 16. Retrieved April 6, 2016.
  6. ↑ Stewart, Jackie. “Provident in New York to Buy Gotham Bank”, American Banker, January 18, 2012. Retrieved March 30, 2016.
  7. ↑ Sterling Acquires Damian Services”, ABF Journal, March 3, 2015. Retrieved April 14, 2016
  8. ↑ Macheel, Tanaya. Sterling Bancorp, Seacoast Buy First Capital’s Factoring Operations”, American Banker, May 19, 2015. Retrieved April 14, 2016
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