SOURCE: Sterling National Bank

Sterling National Bank

Sterling National Bank

January 11, 2016 12:50 ET

Hudson Valley Businesses Optimistic About Regional Economic Future

YONKERS, NY and NEWBURGH, NY--(Marketwired - January 11, 2016) - STERLING National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), and Hudson Valley Pattern for Progress, announced today the findings of its 2015 Hudson Valley Business Sentiment Survey. The survey indicates optimism among Hudson Valley businesses about the regional economic outlook, despite some challenges, specifically in the areas of labor costs, taxes and healthcare expenditures.

A substantial majority (67%) of Hudson Valley business leaders surveyed said they are optimistic about the economic future of the region. Respondents identified an improving economic environment as the leading driver of their business growth in the past five years (56%). Other notable responses included the introduction of new products and services (21%) and the integration of new technology (8%).

On the other hand, survey respondents designated taxes and regulations as the top challenges of doing business in the area. Competition, talent development, and declining population were also highly ranked, and labor and healthcare costs were noted as barriers to growth.

"The Hudson Valley has long been one of the most dynamic areas in the Northeast in terms of business types and population diversity. We are pleased to find that business leaders in the region are feeling positive about the future," said Vincent L. DeLucia, Hudson Valley Market President at Sterling National Bank. "Sterling National Bank is committed to providing services that help fuel the growth of small and midsized businesses throughout the region.

"As we begin the New Year, it is nice to see such optimism among the survey respondents," said Pattern for Progress President and CEO Jonathan Drapkin. "It was a pleasure to work with Sterling National Bank on this effort."

Sterling National Bank and Hudson Valley Pattern for Progress jointly conducted the survey, which captured close to 100 responses from business leaders across in the Hudson Valley region, from September through October 2015. Respondents included a cross-section of business leaders in Westchester, Rockland, Putnam, Sullivan, Orange, Ulster and Dutchess Counties.

For the full survey results, please visit here.

About Sterling National Bank
Sterling National Bank, the principal subsidiary of Sterling Bancorp, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City area through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.

About Pattern for Progress
Hudson Valley Pattern for Progress is a not-for-profit policy, planning, advocacy and research organization whose mission is to promote regional, balanced and sustainable solutions that enhance the growth and vitality of the Hudson Valley.

Forward-Looking Statements
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.

Attachment Available: http://www.marketwire.com/library/MwGo/2016/1/11/11G078278/hudson-0bc064f329c4b9b18f22fe5f4155e389.pdf

Contact Information

  • CONTACT:
    Suzanne M. Copeland
    Chief Marketing Officer
    845.369.8341

    400 Rella Boulevard
    Montebello, NY 10901
    845-369-8040 PHONE
    snb.com