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Closing of Subordinated Notes Offering

September 2, 2016

Sterling National Bank (the "Bank"), a wholly owned subsidiary of Sterling Bancorp (NYSE: STL), today announced the closing of the previously announced private offering of $65 million aggregate principal amount of its 5.25% fixed-to-floating rate subordinated notes due 2026 (the "Notes"). The offering is a reopening of the Bank's previous offering of $110 million aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2026, which closed on March 29, 2016 (the "Existing Notes"). The Notes will have terms that are identical to the terms of the Existing Notes (other than the date of settlement and the offering price), will have the same CUSIP and ISIN numbers as the Existing Notes, and will trade interchangeably with the Existing Notes. The original issue date of the Notes is March 29, 2016.

The Notes are fully fungible with, rank equally in right of payment with, and form a single series with, the Existing Notes. The Notes are unsecured, subordinated obligations of the Bank and are subordinated in right of payment to all of the Bank's existing and future senior indebtedness, including claims of depositors and general creditors, and will rank equally in right of payment with the Existing Notes and any other unsecured, subordinated indebtedness that the Bank incurs in the future that ranks equally with the Notes. The Notes will bear interest at a fixed rate per annum of 5.25%, payable semi-annually on April 1 and October 1 of each year, beginning on October 1, 2016, until April 1, 2021. From and including April 1, 2021, the Notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 3.937%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, beginning on July 1, 2021, through maturity or earlier redemption. The Notes will mature on April 1, 2026, unless earlier redeemed in accordance with their terms.

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