Sterling Bancorp Announces Strategic Investment in Texture Capital Holdings Corp., an Institutional Marketplace for Private Capital

Rhea-AI Summary

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.

Positive

• Strategic investment in Texture Capital enhances digital offerings and market position.
• Partnership supports blockchain technology, improving private securities trading.
• Texture's platform focuses on innovation in capital markets, aligning with Sterling's growth strategies.

Negative

• None.

PEARL RIVER, N.Y., Sept. 07, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL) (“Sterling”), today announced a strategic investment in Texture Capital Holdings Corp., which through its wholly-owned subsidiary Texture Capital, Inc. (together, “Texture”), operates an SEC registered broker dealer and Alternative Trading System (“ATS”). Texture supports both the issuance of private placement digital securities and an electronic marketplace for institutional participants to efficiently trade in private securities markets.

Digital asset securities are recorded using a blockchain ledger and provide issuers with improved control and better recordkeeping costs. Texture has built a compliant, blockchain-enabled marketplace that supports the needs of institutional investors while enhancing liquidity in the private securities market.

“We are excited to partner with Texture, a company that is leveraging cutting edge technology to remove friction in the private capital markets and to develop a platform that will drive further innovation in the capital markets,” said Bea Ordonez, Chief Financial Officer at Sterling Bancorp. “We continue to engage with financial technology companies that are focused on innovation and that will provide further opportunity for us to grow our digital offerings, including our Banking as a Service business.”

“As Texture pursues market structure improvements in the issuance and trading of private securities, we are identifying strong and visionary partners willing to play a leadership role in an evolving market,” said Richard Johnson, CEO of Texture Capital. “Sterling Bancorp enjoys both a key position in the financial industry and an executive team preparing for the digital future. We are delighted about the opportunities that lie ahead in our partnership.”

About Sterling Bancorp:

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 it serves 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.

About Texture Capital:

Texture Capital, the institutional marketplace for private capital, is a technology-driven marketplace for institutions and issuers to more efficiently and directly participate in the private markets, improving liquidity, transparency, and access. We leverage blockchain technology and smart contracts to streamline the current market structure for private placements; supporting the primary issuance and secondary trading of digital securities through a regulated broker-dealer and a registered ATS. Please visit https://texture.capital for more information and to stay informed of future updates.

Contact Sterling Bancorp

Emlen Harmon, Senior Managing Director – Investor Relations

eharmon@snb.com

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 is the recent investment by Sterling Bancorp (STL)?

Sterling Bancorp has made a strategic investment in Texture Capital Holdings Corp. to enhance its digital offerings and engage in the private securities market.

How does Texture Capital support private securities trading for Sterling Bancorp (STL)?

Texture Capital offers a blockchain-enabled platform that facilitates the issuance and trading of private placement digital securities.

What are the benefits of Sterling Bancorp's (STL) partnership with Texture Capital?

The partnership enhances liquidity, improves recordkeeping, and aligns with Sterling's strategy to innovate in capital markets.

When did Sterling Bancorp (STL) announce its investment in Texture Capital?

The announcement was made on September 7, 2021.