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Sterling Bancorp (NYSE: STL) has announced a quarterly cash dividend of $16.25 per share on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE: STLPRA). This dividend, amounting to $0.40625 per depositary share, will be payable on January 14, 2022 to shareholders of record as of December 30, 2021. The announcement reflects the company’s commitment to returning value to its shareholders.
Sterling Bancorp (NYSE: STL) announced a strategic investment in FinTron LLC, a FinTech firm focused on digital banking and investment services for millennials and Gen Z. FinTron offers an app with commission-free trading, investment automation, and educational resources tailored for young investors. The partnership aims to enhance financial access and literacy, leveraging Sterling's expertise in digital services. With a median client age of 26, FinTron supports over 80% of users with limited investment experience. This initiative reflects Sterling’s commitment to growing its digital product offerings.
Sterling National Bank, a subsidiary of Sterling Bancorp (NYSE: STL), has launched a new self-service escrow accounts solution in partnership with Cashfac. This solution utilizes Cashfac's Virtual Account Manager platform, streamlining account management for customers. The cloud-based platform allows users to create and manage escrow accounts, improving efficiency and reducing delays. Both companies highlight the success of pilot implementations and anticipate further enhancements in customer service and operational processes.
Sterling Bancorp (NYSE: STL) reported a net income of $93.7 million for Q3 2021, a 13.7% increase year-over-year, translating to $0.49 per diluted share. Adjusted net income was $99.6 million, consistent with Q2 2021. Total deposits rose 3.4% to $23.9 billion, while commercial loans grew 2.9% to $19.7 billion. The net interest margin decreased to 3.25%. NPLs increased to $205.5 million, reflecting changing credit conditions. The company declared a dividend of $0.07 per share, signaling confidence in its financial stability.
Sterling Bancorp (NYSE: STL) has declared a quarterly cash dividend of $0.07 per share, payable on November 15, 2021, to shareholders on record as of November 1, 2021. This announcement reflects the company’s ongoing commitment to returning value to its shareholders. Sterling Bancorp, the parent company of Sterling National Bank, focuses on providing banking solutions to business owners and consumers through dedicated relationship managers.
Sterling Bancorp (NYSE: STL) announced it will release its third-quarter results on October 20, 2021, after market close. The announcement includes a teleconference and webcast scheduled for October 21, 2021, at 8:00 AM ET, hosted by President and CEO Jack Kopnisky. Investors and analysts can participate by accessing the webcast on the company’s website or dialing in. Sterling Bancorp serves business owners and consumers through its subsidiary, Sterling National Bank, offering a comprehensive range of banking products and services.
Sterling Bancorp (NYSE: STL) announced a strategic investment in Texture Capital Holdings Corp., which operates an SEC-registered broker-dealer and Alternative Trading System. This move aims to enhance their digital offerings and engage more effectively in the private securities market. Texture Capital's platform, leveraging blockchain technology, supports private placement digital securities and provides better liquidity and recordkeeping for institutional investors. The partnership signifies a crucial step for Sterling into innovative financial technology.
Webster Financial Corporation and Sterling Bancorp announced the approval of their merger by stockholders in special meetings held on August 17, 2021. This significant step towards consolidation aims to create a uniquely focused commercial bank. Both companies received regulatory approval for their subsidiary banks to merge. Completion of the merger is anticipated in the fourth quarter of 2021, pending final regulatory approvals from the Federal Reserve System and other customary conditions. The merger is expected to create value for stakeholders and expand market capabilities.
On August 17, 2021, Webster Financial Corporation (WBS) and Sterling Bancorp (STL) announced stockholder approval for their proposed merger. This significant milestone brings the companies closer to completing the merger, which is expected to create a uniquely focused commercial bank. Both firms have received necessary approvals from their respective banks and the Office of the Comptroller of the Currency. The final transaction completion remains subject to regulatory approval from the Federal Reserve, with an anticipated closing in Q4 2021.
Sterling Bancorp (NYSE: STL) has declared a quarterly cash dividend of $16.25 per share on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE: STLPRA). This dividend will be paid on October 15, 2021, to shareholders of record as of September 24, 2021. The company focuses on delivering banking solutions to business owners and consumers through experienced relationship managers.
