September 27, 2016 6:20 AM ET

Banks

Company Overview of Sterling National Bank

Company Overview

Sterling National Bank provides commercial, business, and consumer banking products and services to business owners, their families, and consumers in the New York metropolitan area. It offers business checking; business savings; certificates of deposit; business money market accounts; cash management services, such as account reconciliation and positive pay, automated clearing house, business bill pay, controlled disbursement, escrow, EZ-cert, foreign currency wires, lockbox, merchant credit card processing, remote deposit, wire funds transfer, and zero balance account services; business lending products, which include business loans, business lines of credit, asset-based lending, factoring,...

400 Rella Boulevard

Montebello, NY 10901-4256

United States

Founded in 1888

Phone:

855-274-2800

Fax:

845-369-8255

Key Executives for Sterling National Bank

Chief Executive Officer, President, Director, Chief Executive Officer of Provident New York Bancorp and President of Provident New York Bancorp
Age: 60
Chief Financial Officer and Executive Vice President
Age: 39
Chief Operating Officer, Executive Vice President, Chief Operating Officer of Provident New York Bancorp and Executive Vice President of Provident New York Bancorp
Age: 58
Executive Vice President and Market President of The North Market
Age: 66
Executive Vice President and President of The New York City Metro Market
Age: 52
Compensation as of Fiscal Year 2016.

Sterling National Bank Key Developments

Sterling National Bank Closes $65 Million Subordinated Notes Offering

Sterling National Bank announced the closing of the previously announced private offering of $65 million aggregate principal amount of its 5.25% fixed-to-floating rate subordinated notes due 2026 (the "Notes"). The offering is a reopening of the Bank's previous offering of $110 million aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2026, which closed on March 29, 2016 (the "Existing Notes"). The Notes will have terms that are identical to the terms of the Existing Notes (other than the date of settlement and the offering price), will have the same CUSIP and ISIN numbers as the Existing Notes, and will trade interchangeably with the Existing Notes. The original issue date of the Notes is March 29, 2016. The Notes are fully fungible with, rank equally in right of payment with, and form a single series with, the Existing Notes. The Notes are unsecured, subordinated obligations of the Bank and are subordinated in right of payment to all of the Bank's existing and future senior indebtedness, including claims of depositors and general creditors, and will rank equally in right of payment with the Existing Notes and any other unsecured, subordinated indebtedness that the Bank incurs in the future that ranks equally with the Notes. The Notes will bear interest at a fixed rate per annum of 5.25%, payable semi-annually on April 1 and October 1 of each year, beginning on October 1, 2016, until April 1, 2021. From and including April 1, 2021, the Notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 3.937%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, beginning on July 1, 2021, through maturity or earlier redemption. The Notes will mature on April 1, 2026, unless earlier redeemed in accordance with their terms. The Notes are redeemable by the Bank, in whole or in part, on April 1, 2021, and on each interest payment date thereafter. The Notes are also redeemable by the Bank, in whole but not in part, at any time upon certain specified events. Any redemption will be at a redemption price equal to 100% of the principal amount of Notes redeemed, plus accrued and unpaid interest, and will be subject to, and require, prior regulatory approval. The Notes are not subject to early repayment at the option of holders thereof. The Bank 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. As with the Existing Notes, the Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and will be issued in reliance upon an exemption under Section 3(a)(2) of the Securities Act. The Notes may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.

Sterling National Bank Announces Pricing of $65 Million Subordinated Notes Offering

Sterling National Bank announced that it has priced a private offering of $65 million aggregate principal amount of its 5.25% fixed-to-floating rate subordinated notes due 2026. The offering, which is expected to close on or about September 2, 2016, subject to customary closing conditions, is a reopening of the Bank's previous offering of $110 million aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2026 by the Bank, which closed on March 29, 2016 . The Notes will have terms that are identical to the terms of the Existing Notes will have the same CUSIP and ISIN numbers as the Existing Notes, and will trade interchangeably with the Existing Notes. The original issue date of the Notes is March, 29, 2016. The Notes being offered are an addition to, and are fully fungible with, rank equally in right of payment with, and form a single series with, the Existing Notes. The Notes will be unsecured, subordinated obligations of the Bank and will be subordinated in right of payment to all of the Bank's existing and future senior indebtedness, including claims of depositors and general creditors, and will rank equally in right of payment with the Existing Notes and any other unsecured, subordinated indebtedness that the Bank incurs in the future that ranks equally with the Notes. The Notes will bear interest at a fixed rate per annum of 5.25%, payable semi-annually on April 1 and October 1 of each year, beginning on October 1, 2016, until April 1, 2021. From and including April 1, 2021, the Notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 3.937%, payable quarterly on January 1, April 1, July 1 and October 1 of each year, beginning on July 1, 2021, through maturity or earlier redemption. The Notes will mature on April 1, 2026, unless earlier redeemed in accordance with their terms. The Notes are redeemable by the Bank, in whole or in part, on April 1, 2021, and on each interest payment date thereafter. The Notes are also redeemable by the Bank, in whole but not in part, at any time upon certain specified events. Any redemption will be at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, and will be subject to, and require, prior regulatory approval. The Notes are not subject to early repayment at the option of holders thereof. The Bank 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. As with the Existing Notes, the Notes are intended to qualify as Tier 2 capital for regulatory purposes.

Sterling National Bank Mulls Acqusitions

Sterling National Bank has priced a private offering of $65 million in aggregate principal amount of its 5.25% fixed-to-floating rate subordinated notes due 2026. Net proceeds from the offering will be used for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.

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