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Sterling Bancorp Announces Closing of Public Offering of Common Stock

November 22, 2016

Sterling Bancorp (NYSE: STL) (the "Company" or "Sterling"), the parent company of Sterling National Bank, today announced the closing of its previously announced public offering of 4,370,000 shares of common stock, including 570,000 shares of common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares. The Company estimates that the net proceeds of the offering, after deducting estimated offering expenses, will be approximately $90.7 million. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.