Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), announced today that it has entered into a definitive agreement with GE Capital to acquire a portfolio with approximately $190 million of performing restaurant franchise financing loans. Borrowers within the portfolio are primarily located in Sterling’s core markets of New York, New Jersey, Pennsylvania, and Connecticut. The transaction is expected to close in the third quarter of 2016.
“The acquisition of this loan portfolio supports the continuation of our strategy to leverage existing infrastructure and expertise within commercial finance,” stated Tom Geisel, President of Sterling’s Specialty Finance Division. “These relationships will be managed within our Equipment Finance group given the loan structures and client businesses are closely aligned. Executing on our team-based delivery model, we welcome these new relationships and will work to build upon them.”
About Sterling National Bank
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. Additional information is available at: www.sterlingbancorp.com.
This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including inflation; ability to obtain regulatory approvals and meet other closing conditions to the transaction on the expected terms and schedule; 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 at managing these risks. Other factors that could cause 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.