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Sterling Bancorp Announces Public Offering of Common Stock

November 16, 2016

Sterling Bancorp (NYSE: STL) (the "Company" or "Sterling"), the parent company of Sterling National Bank, today announced that it is offering 3,800,000 shares of the Company's common stock in a registered public offering. Sterling also expects to grant the underwriters a 30-day option to purchase up to an additional 570,000 shares. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.

Credit Suisse and UBS Investment Bank are joint book-running managers for the offering and may offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from the offices of Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037 or email at newyork.prospectus@credit-suisse.com or UBS Securities LLC, 1285 Avenue of the Americas, New York, NY 10019, Attn: Prospectus Department, telephone (888) 827-7275.