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Payoneer Global Inc. (NASDAQ: PAYO) announces the appointment of Bea Ordonez as Deputy Chief Financial Officer, effective January 16, 2023. Michael Levine, the current CFO, will step down in March 2023. Ordonez brings over 20 years of experience in financial technology and has previously served in CFO roles at Sterling National Bank (NYSE: STL) and Webster Bank (NYSE: WBS). Payoneer expects to exceed its full-year 2022 guidance and reaffirms its commitment to increase adjusted EBITDA for 2023. The full year 2022 earnings will be released on February 28, 2023.
Sterling Bancorp (NYSE: STL) reported a GAAP net income of $109.6 million for Q4 2021, up 47.2% from the previous year. Adjusted net income reached an all-time high of $121.9 million, a 22.4% increase over Q3 2021. The bank's total deposits declined 1.3% to $22.8 billion, largely due to seasonal municipal outflows. Total commercial loans rose to $19.9 billion, a 0.6% increase quarter-over-quarter. A merger with Webster Financial Corporation is set to close on February 1, 2022.
Sterling Bancorp (NYSE: STL) announced a quarterly cash dividend of $0.07 per share on January 19, 2022. This dividend will be payable on February 18, 2022, to shareholders who are on record as of January 24, 2022. The company aims to provide a full range of banking services to business owners and consumers, emphasizing its commitment to community engagement and customer relations.
Sterling National Bank has joined the USDF Consortium, aimed at fostering the use of a bank-minted stablecoin, USDF, on the Provenance Network. This initiative intends to enhance real-time payment capabilities and improve the efficiency of money transfers. By participating, Sterling seeks to leverage blockchain technology for better integration of services such as commercial lending and loan syndications. The Consortium aims to address regulatory concerns and ensure banks remain integral to the financial ecosystem as blockchain technology evolves.
Sterling Bancorp (NYSE: STL) has announced an investment in the JAM FINTOP Blockchain fund, focusing on blockchain infrastructure for financial institutions. This investment marks Sterling's ongoing commitment to fintech innovation, as it joins other Strategic Lead Investors including Figure Technologies and Piper Sandler. The partnership aims to explore blockchain applications that align with Sterling's long-term strategic goals. By joining the JAM FINTOP Blockchain Committee, Sterling seeks to collaborate with forward-thinking institutions to adopt transformative technologies in the banking sector.
Sterling Bancorp (NYSE: STL) announced it will release its fourth quarter and full year results for 2021 on January 19, 2022, after market close. Importantly, the company will not hold an earnings call due to its pending merger with Webster Financial Corporation. Sterling Bancorp focuses on providing comprehensive financial solutions through Sterling National Bank, catering to businesses and consumers in its communities.
KBRA has assigned several ratings to Webster Financial Corporation (NYSE: WBS), including a senior unsecured debt rating of A- and a subordinated debt rating of BBB+. Webster Bank, N.A., its principal subsidiary, received deposit and senior unsecured debt ratings of A. The ratings are influenced by Webster's efficient regional banking model, particularly the competitive HSA Bank division with $10.8 billion in footings. The impending merger with Sterling Bancorp (NYSE: STL) is expected to enhance Webster's scale and earnings power, with the merger anticipated to close in early February 2022.
On December 20, 2021, Webster Financial Corporation and Sterling Bancorp announced the receipt of regulatory approvals for their merger. With final approvals from the Federal Reserve and the Office of the Comptroller of the Currency, the merger is expected to close around February 1, 2022. The newly combined entity will hold approximately $65.5 billion in assets, $42 billion in loans, and $54 billion in deposits, operating over 200 financial centers in the Northeast. This merger is poised to enhance the service offerings and market presence of both institutions.
Webster Financial Corporation (WBS) and Sterling Bancorp (STL) announced that they have received all necessary regulatory approvals for their merger. The Federal Reserve and the Office of the Comptroller of the Currency have cleared the transaction, allowing the merger to proceed. The expected closing date is around February 1, 2022. Post-merger, the combined entity will have approximately $65.5 billion in assets and operate over 200 financial centers in the Northeast region.
Sterling Bancorp (NYSE: STL) has announced a strategic investment in Goalsetter, a mobile banking company focused on enhancing financial literacy among K-12 students. This partnership aims to address significant gaps in financial knowledge, offering educational resources and an FDIC-insured deposit product alongside Goalsetter’s Cashola™ debit card. The investment expands Sterling’s collaboration with Goalsetter, building on previous support for the 'Drafted' campaign to promote financial independence in communities of color. Sterling's CFO expressed enthusiasm for deepening this innovative partnership.
