Sterling Bancorp (NYSE:STL), through its principal subsidiary, Sterling National Bank, announced today that it has entered into a definitive agreement to acquire Advantage Funding Management Co., Inc. (“Advantage Funding”), a leading provider of commercial vehicle and transportation financing services based in Lake Success, NY. Advantage Funding is part of Macquarie’s Corporate and Asset Finance Group (“CAF”) and is a wholly-owned subsidiary of Macquarie Bank Limited.
As of December 31, 2017, Advantage Funding had total outstanding loans and leases of $458 million, with a diversified client base across various industry sectors and geographic markets nationwide. Advantage Funding will be integrated into Sterling’s established national equipment finance platform, which will result in a combined equipment finance portfolio with over $1 billion in total outstanding loans post-closing and aggregate net loan receivables growth of approximately $205 million in 2017.
Jack Kopnisky, President and CEO of Sterling noted, “The acquisition of Advantage Funding is consistent with our strategy of transitioning our balance sheet to a more diversified and higher-yielding commercial loan mix following our merger with Astoria, and will augment strong organic origination volumes that we anticipate in our commercial businesses in 2018. We look forward to welcoming Advantage’s colleagues and customers to Sterling.”
Read the full press release to learn more about the acquisition of Advantage Funding.