SOURCE: Sterling Bancorp

May 18, 2015 16:45 ET

Sterling Bancorp Acquires Factoring Portfolio From First Capital Corporation

MONTEBELLO, NY--(Marketwired - May 18, 2015) - Sterling Bancorp (NYSE: STL), through its principal subsidiary Sterling National Bank, today announced that it has completed the acquisition of a factoring portfolio from FCC, LLC, a subsidiary of First Capital Holdings, Inc. ("First Capital"). The acquisition adds 25% more core annual factoring volume to Sterling's current volume of over $900 million. First Capital is a privately-held provider of working capital financing and credit facilities in the form of Asset-Based Loans and Factoring arrangements. Terms of the transaction were not disclosed.

Sterling is already one of the oldest and largest lenders in the factoring marketplace, with an existing business that provides receivables-based financing and associated services across industries on a national basis. "Our focus has always been to deliver excellent service and financing flexibility, which allows our clients to spend their time doing what they do best -- growing their business," stated Thomas X. Geisel, President, Specialty Finance at Sterling National Bank. This portfolio expands Sterling's client base, and fee-generation opportunities to serve this niche market.

Jim Peoples, Chief Banking Officer at Sterling National Bank noted that this opportunistic portfolio acquisition complements Sterling's existing business in this attractive area of specialization. "We like the factoring business, which complements our asset-based lending skill-set, provides relatively high returns and contributes to non-interest income. The acquisition is consistent with our stated goal of growing Sterling's specialty lending platform and other fee-generating operations, and we see opportunities to expand this business over time."

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.

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.

Contact Information

  • STERLING BANCORP CONTACT:
    Luis Massiani
    SEVP & Chief Financial Officer
    845.369.8040

    Sterling Bancorp
    400 Rella Boulevard
    Montebello, NY 10901-4243

    T 845.369.8040
    F 845.369.8255

    http://www.sterlingbancorp.com