MONTEBELLO, NY--(Marketwired - August 22, 2016) - Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE: STL), announced today that Terry O'Grady has joined as Managing Director. He will be leading the sales effort for the Asset Based Lending Group in the Midwest Region, providing asset based and commercial loans to middle market companies in the Midwest.
The addition of Mr. O'Grady reflects the continued growth of Sterling's broad team-based approach to providing highly personalized services to its clients across multiple disciplines, including asset based lending. He brings to Sterling demonstrated strengths in asset based lending as well as expertise in leverage finance, capital markets, and asset recoveries and a proven track record of success with middle market companies across the Midwest and East Coast. He will be based in Chicago.
"Terry is well-known in the Midwest Market and will be a great addition to our origination efforts in the region," said Michael Haddad, Division President Asset Based Lending for Sterling. "I am excited to have the opportunity to work with Terry. He adds further depth to our team with a valuable combination of marketing and sponsor coverage, credit skills and tremendous deal execution experience."
Mr. O'Grady has more than 27 years of experience originating, restructuring and managing debt financings for middle market firms. Prior to joining Sterling, he was a Managing Director at Capital One Business Credit, focused on providing capital to middle market companies. Mr. O'Grady's prior experience included similar positions at HSBC, CIT and GE Capital.
O'Grady's Board affiliations include the Association for Corporate Growth where he was At Large Director and Co-Chair of the International Committee from 2011-2014.
Sterling Asset Based Lending provides asset-based loans to mid-sized companies operating across a wide range of industries in the middle market. Sterling offers a variety of flexible financing options through a combination of revolving lines of credit and term loans, employing funds from $5 million to $40 million.
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.