Sterling Bancorp (NYSE: STL), through its principal subsidiary Sterling National Bank (“Sterling”), announced today that it has entered into a definitive agreement to sell its residential mortgage origination operations. The transaction is subject to certain licensing and regulatory approval and other customary closing conditions.
“The sale of our mortgage origination operations continues our strategy of focusing on commercial middle market clients by reallocating our capital and human resource investments where we can provide the most value to clients and shareholders,” said Jack Kopnisky, President and CEO of Sterling National Bank. “As we focus on businesses where we can provide a distinct value proposition, we are exiting commodity banking services where we don’t have economies of scale.”
Sterling is retaining its existing residential mortgage loan portfolio. Sterling also remains committed to its growing mortgage warehouse lending business and community development residential mortgage loan originations.
About Sterling Bancorp
Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families, and consumers
within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.
This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling's current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling at managing these risks. Other factors that could cause Sterling's actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of Sterling's securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling specifically disclaims any obligation to update these statements in the future.