MONTEBELLO, NY--(Marketwired - January 31, 2017) - Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), has been ranked #36 in Forbes magazine's annual ranking of America's Best Banks, the first time that Sterling has appeared in the Forbes rankings, reflecting the success of the bank's growth strategy. The annual list gauges the financial condition of each of America's 100 largest banks and thrifts by assets, and is based on a combination of 10 key metrics related to growth, profitability, capital adequacy and asset quality.
"Our place in this year's rankings is a testament to the success of the growth plan we put in place five years ago," said Jack Kopnisky, President and Chief Executive Officer of Sterling. "Since 2011, we've been focused on strategically transforming ourselves into a highly diversified regional bank, and we've seen the results in growth of assets, loans, and deposits, as well as earnings increases, which have grown from $7.9 million to $145.5 million."
Sterling ended 2016 as a substantially larger, more diversified, and more profitable company than it began the year, with continued growth in loans and deposits, the addition of new commercial banking teams, and the opportunistic acquisitions of several commercial finance businesses and portfolios.
Among the highlights of a highly active 2016, Sterling:
- Completed the full integration of Hudson Valley Holding Corp.
- Purchased NewStar Financial's $325 million asset-based lending business
- Purchased a $170 million East Coast restaurant franchise loan portfolio from GE Capital
- Completed the sale of its mortgage origination business and its trust division
- Raised capital through two debt offerings totaling $175 million, and an equity offering of $93 million
"In addition to these key milestones, we also continued to rationalize our branch network, added four new commercial banking teams, and increased our productivity across the company," added Kopnisky. "I'd like to thank everybody who played a part in helping us to rise so high in the Forbes rankings, including our amazing employees, our shareholders, our clients and our community partners. Looking forward, we are very excited about the opportunities we see in 2017 and about continuing to profitably -- and strategically -- grow the bank."
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.
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.