Sterling Bancorp (NYSE:STL), through its principal subsidiary, Sterling National Bank, announced today it has completed the previously announced acquisition of Advantage Funding Management Co., Inc. (“Advantage Funding”), a leading provider of commercial vehicle and transportation financing services based in Lake Success, NY. Advantage Funding was part of Macquarie’s Corporate and Asset Finance Group (“CAF”) and a wholly-owned subsidiary of Macquarie Bank Limited.
As of February 28, 2018, Advantage Funding had total outstanding loans and leases of $457 million, with a diversified client base across various industry sectors and geographic markets nationwide.
Jack Kopnisky, President and CEO of Sterling noted, “We are pleased to close the acquisition of Advantage Funding and welcome all of Advantage’s colleagues and clients to Sterling. This acquisition will significantly elevate Sterling’s equipment finance business while providing expanded opportunities and enhanced services to both Sterling and Advantage’s customers.”
Read the full press release to learn more about the Sterling and Advantage Funding acquisition.