Sterling Bancorp
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Sterling Bancorp was a regional bank holding company. It merged into Webster Financial Corporation in February 2022; their principal subsidiaries, Sterling National Bank and Webster Bank, were also merged, in the process. Prior to the Webster merger, Sterling National Bank provided a full range of banking and financial services to business owners, their families, and consumers, primarily in the greater New York metropolitan and
Hudson Valley The Hudson Valley (also known as the Hudson River Valley) comprises the valley of the Hudson River and its adjacent communities in the U.S. state of New York. The region stretches from the Capital District including Albany and Troy south to ...
regions. Sterling Bancorp had assets of approximately $30 billion at October 2, 2017, following its acquisition of Astoria Financial Corp. Nasdaq. GlobeNewswire Press Release, October 2, 2017. Retrieved October 4, 2017. Headquartered in
Montebello, New York Montebello (Italian: "beautiful mountain") is an incorporated village in Ramapo, Rockland County, New York, United States. It is located north of Suffern, east of Hillburn, south of Wesley Hills, and west of Airmont. The population was 4,52 ...
, Sterling Bancorp's shares were traded on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
.


History

The entity now known as Sterling was founded in 1888 under the name Provident Bank. It later became a subsidiary of Provident New York Bancorp. On August 10, 2012, the company acquired Gotham Bank of New York, which enabled the company to expand into the New York City marketplace. On October 31, 2013, the company acquired Sterling Bancorp through a merger. Provident changed its legal name to Sterling Bancorp and the name of its principal banking subsidiary to Sterling National Bank. The merger was intended to create a larger, more diversified company with a broader range of products and services for small-to-middle market commercial clients and consumers. February 29, 2016. Retrieved March 30, 2016. On June 30, 2015, Sterling completed the acquisition of Hudson Valley Holding Corp., which further expanded its presence in the greater New York Metropolitan region. The company also made smaller acquisitions to add specialized products and services, most recently including Damian Services Corp., a
payroll A payroll is the list of employees of some company that is entitled to receive payments as well as other work benefits and the amounts that each should receive. Along with the amounts that each employee should receive for time worked or tasks pe ...
financing business (acquired March 2, 2015), and a factoring portfolio from First Capital Corp. (acquired May 18, 2015). Its acquisition of
Astoria Bank Astoria Financial Corporation was a bank holding company based in Lake Success, New York. On October 2, 2017, the company was acquired by Sterling Bancorp. As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 loc ...
closed at the start of October 2017. On March 6, 2018, the company announced the acquisition of Advantage Funding Management. On April 9, 2018, the
FBI The Federal Bureau of Investigation (FBI) is the domestic Intelligence agency, intelligence and Security agency, security service of the United States and its principal Federal law enforcement in the United States, federal law enforcement age ...
raided Michael D. Cohen’s law offices to seek communications with Sterling National Bank and any information about his loans from Sterling National Bank against his taxi business. In October 2019, Sterling Bancorp's Sterling National Bank agreed to acquire a portfolio of middle market commercial equipment finance loans and leases from
Santander Bank Santander Bank, N. A. (), formerly Sovereign Bank, is a wholly owned subsidiary of the Spanish Santander Group. It is based in Boston and its principal market is the northeastern United States. It has $57.5 billion in deposits, operates about ...
. As of September 2019, the balance of the loans and leases outstanding to be acquired was $843M. In April 2021,
Webster Bank Webster Bank is an American commercial bank based in Stamford, Connecticut. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York. History Webster was founded in 1935 by Harold ...
and Sterling Bancorp's Sterling National Bank agreed to an all stock merger in an all-stock deal worth about $10.3 billion. The merger was completed on February 1, 2022 and will keep the name Webster Bank.


Differentiation

Prior to its acquisition by Webster, the company pursued a strategy of becoming a high-performing banking institution with a focus on serving small to middle market commercial businesses and affluent consumers. The bank believed this client segment is frequently underserved by larger bank competitors in its market area. Sterling employed a team-based strategy in which each client is served by a relationship team that provides a single point of contact for delivering the bank’s products and services and manages all aspects of the client relationship.


References


External links

{{authority control American companies established in 1888 Companies formerly listed on the Nasdaq Banks established in 1888 Banks based in New York (state) Companies based in Rockland County, New York 1888 establishments in New York (state) 2022 mergers and acquisitions