PEARL RIVER, N.Y., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL), the parent holding company of Sterling National Bank, announced today the closing of its underwritten public offering of $225,000,000 aggregate principal amount of its 3.875% fixed-to-floating rate subordinated notes due 2030. Piper Sandler & Co., U.S. Bancorp Investments, Inc. and PNC Capital Markets LLC acted as joint book-running managers for the offering.

The Company expects to use the net proceeds of this offering for general corporate purposes, including the repayment of certain outstanding indebtedness.

About Sterling Bancorp

Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.