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Last $13.51 USD
Change Today -0.05 / -0.37%
Volume 327.6K
STL On Other Exchanges
Symbol
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As of 8:04 PM 05/29/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

400 Rella Boulevard

Montebello, NY 10901

United States

Phone: 845-369-8040

Fax:

Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides a range of deposit, lending and wealth management products to commercial, consumer and municipal clients in its market area. The company delivers products and services to small and middle market commercial businesses and affluent consumers. It targets the following geographic markets: the New York Metro Market, which includes Manhattan and Long Island; and the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey. The company offers loan products to commercial businesses, real estate owners, real estate developers and consumers. The company also owns Hudson Valley Holding Corp. Commercial and Industrial Lending: The company makes various types of secured and unsecured commercial and industrial loans to small and medium-sized businesses in its market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment, and other assets. Payroll Finance Lending: The company provides financing and human resource business process outsourcing support services to the temporary staffing industry. It provides full back-office, computer and tax accounting services, and financing to independently-owned staffing companies located throughout the United States. Loans typically are structured as an advance used by the company’s clients to fund their payroll and are outstanding on average for 40 to 45 days. Warehouse Lending: The company provides residential mortgage warehouse funding services to mortgage bankers. These loans consist of a line of credit used by the mortgage banker as a form of temporary financing during the period between the closing of a mortgage loan until its sale into the secondary market, which typically lasts from 15 to 30 days. The warehouse lines are collateralized by first mortgage loans, which include mainly conventional Fannie Mae and Freddie Mac, jumbo, and FHA loans. Factored Receivables Lending: The company provides accounts receivable management services. Equipment Finance Lending: The company offers equipment financing across the United States through direct lending programs, third-party sources and vendor programs. It finances full payout leases and secured loans for various types of business equipment, generally written on a recourse basis—with personal guarantees of the principals, with terms generally ranging from 24 to 60 months. Commercial Real Estate and Multi-Family Lending: The company originates real estate loans secured predominantly by first liens on commercial real estate and multi-family properties. The underlying collateral of its commercial real estate loans consists of multi-family properties, retail properties, including shopping centers and strip centers, office buildings, nursing homes, industrial and warehouse properties, hotels, motels, restaurants, and schools. To a lesser extent, the company originates commercial real estate loans for medical use, non-profits, gas stations, and other categories. The majority of the company’s commercial real estate loans has a term of 10 years and is structured as 5-year fixed rate loans with a rate adjustment for the second 5-year period or as 10-year fixed-rate loans. Acquisition, Development and Construction (ADC) Lending: The company originates ADC loans to selected builders in its market area. ADC loans help finance the purchase of land intended for further development, including single-family homes, multi-family housing, and commercial income properties. The company provides permanent mortgage financing on most of its construction loans on income-producing property. Residential Mortgage Lending: The company offers conforming and non-conforming, fixed-rate and adjustable-rate residential mortgage loans with maturities up to 30 years and maximum loan amounts generally up to $4.0 million that are fully amortizing with monthly or bi-weekly loan payments. The company generally originates fixed-rate loans in amounts up to the maximum conforming lo

 

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