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Sterling Bancorp (NYSE: STL) declared a quarterly cash dividend of $0.07 per share, payable on May 14, 2021, to shareholders of record as of April 30, 2021. This move indicates the company's commitment to providing returns to its shareholders amidst its operations in commercial and consumer banking. Sterling National Bank, the principal subsidiary, focuses on delivering tailored banking solutions to businesses and consumers in its communities.
Webster Financial Corporation (NYSE: WBS) and Sterling Bancorp (NYSE: STL) announced a definitive agreement for an all-stock merger of equals, valued at approximately $10.3 billion. Under the agreement, Sterling shareholders will receive an exchange ratio of 0.463 Webster shares for each Sterling share. Upon completion, Webster shareholders will hold 50.4% and Sterling shareholders 49.6% of the combined entity. The merger aims to create a $63 billion bank with strong revenue growth potential, enhanced profitability, and a robust deposit franchise, with a focus on commercial and consumer banking.
Sterling Bancorp (NYSE: STL) announced plans to release its first-quarter financial results for the period ending March 31, 2021, on April 21, 2021, after market close. The President and CEO, Jack Kopnisky, will host a teleconference and webcast on April 22, 2021, at 8:00 AM ET to discuss the outcomes. Interested parties can access the details through the company's website or by dialing in. Sterling Bancorp focuses on providing banking services to business owners and consumers via dedicated relationship managers.
Sterling National Bank has partnered with BrightFi to offer Banking as a Service (BaaS) solutions to non-bank entities, including community groups and retailers. This initiative aims to provide innovative digital banking services to underserved communities. Following partnerships with Google Pay and Rho Technologies, this collaboration reinforces Sterling's strategy to expand its digital footprint. Matthew Smith from Sterling expressed excitement about delivering seamless banking experiences, while BrightFi's CEO highlighted the focus on community needs and ease of access to banking services.
Sterling National Bank, a subsidiary of Sterling Bancorp (NYSE: STL), has entered into a Banking as a Service (BaaS) agreement with Rho Technologies, enhancing its offerings in commercial banking and financial software. This partnership aims to support Rho’s expansion by providing a comprehensive suite of banking solutions. With over $30 billion in assets, Sterling is focusing on digital transformation and expanding its BaaS portfolio. The collaboration underscores Sterling's commitment to innovative, customer-centric financial solutions.
Sterling Bancorp (NYSE: STL) announced the redemption of all outstanding 5.25% Fixed-to-Floating Callable Subordinated Notes totaling $145 million. The redemption occurred on April 1, 2021, as per the terms of the Notes, which were due April 1, 2026. The Company redeemed the Notes for 100% of their principal amount plus accrued interest. This move reflects the Company's financial management strategies and aims to optimize its capital structure.
Sterling Bancorp (NYSE: STL) 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 will be payable on April 15, 2021, to shareholders on record as of March 26, 2021. The company emphasizes its commitment to delivering quality banking services to business owners and consumers through dedicated relationship managers.
Sterling National Bank announced a new collaboration with Google to provide digital checking and savings accounts through the Google Pay platform. This partnership is part of Sterling's Banking as a Service (BaaS) initiative and aims to enhance customer access to banking services. Key features include FDIC insured accounts, no fees or minimum balance requirements, and real-time alerts. This strategy is expected to accelerate growth by targeting new customer segments and enhancing client experiences through innovative digital solutions.
Sterling National Bank has partnered with Goalsetter to honor Black History Month by funding savings accounts for 1,000 students from the Eagle Academy Foundation in New York City and Newark. Each selected student will receive a $40 seed deposit and access to a financial literacy curriculum for five years. The initiative aims to promote financial education and independence among young men of color.
This effort aligns with the goal of establishing savings accounts for one million students in minority communities.
Sterling Bancorp (NYSE: STL) announced its Q4 2020 results, reporting net income of $74.5 million ($0.38 per share), a decline from $82.4 million ($0.43) in Q3 2020 and $104.7 million ($0.52) in Q4 2019. Adjusted PPNR rose 5.7% to $130.3 million, while total revenue climbed 4.3% to $256.1 million. Total deposits increased 3.1% year-over-year to $23.1 billion, and total commercial loans reached $20.0 billion, a 5.5% increase. The bank declared a dividend of $0.07 and resumed its share repurchase program, targeting a 50% payout ratio.
