Welcome to our dedicated page for Sterling Bancorp news (Ticker: SBT), a resource for investors and traders seeking the latest updates and insights on Sterling Bancorp stock.
Sterling Bancorp, Inc. Common Stock (symbol: SBT) is a prominent financial institution with a rich history dating back to 1984. Initially chartered as Sterling Savings and Loan Association, the company began with a strong focus on residential mortgage lending. Over the years, Sterling Bancorp has significantly expanded its range of services and geographical reach.
In 1990, the company introduced its commercial real estate lending division, marking its foray into the commercial market. By 1992, the addition of a trust division led to the rebranding of the company as Sterling Bank and Trust, FSB. Today, Sterling Bank operates 18 neighborhood branches across the San Francisco Bay Area and an additional branch in Alhambra, California, with plans to expand further into Cupertino and Irvine.
Sterling Bancorp's mission is to deliver exceptional value to its customers, employees, investors, and the community through innovative and creative financial solutions. The company prides itself on offering a comprehensive range of loan products and retail banking services, including saving and current accounts, demand and term deposits, payment cards, trade finance, fund transfers, and treasury and cash management.
The bank provides a variety of loan options such as construction loans, residential and commercial real estate loans, commercial lines of credit, and other consumer loans. Sterling Bancorp continues to grow profitably as an independent, national company by consistently exceeding customer expectations with superior financial solutions.
Recent Achievements and Current Projects
- Expansion plans with new branches anticipated in Cupertino and Irvine, California.
- Successful integration of innovative financial products and services.
- Continued commitment to community involvement and customer satisfaction.
Partnerships
Sterling Bancorp collaborates with various local and national partners to enhance its service offerings and reach.
Sterling Bancorp, Inc. (NASDAQ: SBT) announced it will release its financial results for Q1 2023 before market open on
Sterling Bancorp, Inc. (NASDAQ: SBT) announced a Plea Agreement with the U.S. Department of Justice, resolving a securities fraud investigation related to its former Advantage Loan Program. The Company pled guilty to one count of securities fraud and will pay $27.2 million in restitution. Revised financial results show a net loss of $14.2 million for 2022, with a fourth-quarter loss of $18.4 million. The Company has enhanced compliance measures and remains well-capitalized. An SEC investigation continues, but no enforcement action is currently anticipated. A conference call will detail financial results on March 16, 2023.
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