Sterling Bancorp Announces Redemption of Sterling National Bank Subordinated Notes due April 1, 2026

Rhea-AI Summary

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.

Positive

• Redemption of $145 million in subordinated notes enhances balance sheet and capital management.

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• None.

PEARL RIVER, N.Y., April 01, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) (the “Company”), the parent company of Sterling National Bank (the “Bank”), today announced the Bank completed the redemption of all of its outstanding 5.25% Fixed-to-Floating Callable Subordinated Notes due April 1, 2026 (CUSIP 859428AT1) (the “Notes”). The notes have an aggregate principal amount of $145.0 million.

The notes were redeemed on April 1, 2021 (the “Redemption Date”), pursuant to their terms and conditions for an amount equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to, but not including the Redemption Date.

About Sterling Bancorporation

Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com.

STERLING BANCORP CONTACT:
Emlen Harmon, Senior Managing Director – Investor Relations
212.309.7646

Sterling Bancorp
Two Blue Hill Plaza, Second Floor
Pearl River, NY 10965
T 845.369.8040
F 845.369.8255
http://www.sterlingbancorp.com

 

FAQ

What recent financial action did Sterling Bancorp (STL) take?

Sterling Bancorp redeemed all outstanding 5.25% Fixed-to-Floating Callable Subordinated Notes totaling $145 million on April 1, 2021.

What is the total principal amount of the notes redeemed by Sterling Bancorp?

The total principal amount redeemed by Sterling Bancorp was $145 million.

When were the subordinated notes due for Sterling Bancorp?

The subordinated notes were due on April 1, 2026.

What interest rate was associated with the subordinated notes redeemed by STL?

The subordinated notes had a fixed interest rate of 5.25%.