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Sterling Bancorp Prices 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 has priced its previously announced underwritten public offering of 3.8 million shares of the Company's common stock. Sterling has granted the underwriters a 30-day option to purchase up to an additional 570,000 shares of common stock.

Gross proceeds to Sterling from this offering are expected to be approximately $80.8 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.

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