Sterling Bancorp Announces Strategic Investment in Verdigris Holdings, Inc, Parent Company of BrightFi

Rhea-AI Summary

Sterling Bancorp (NYSE: STL) announced a strategic investment in Verdigris Holdings, parent company of BrightFi, a provider of digital banking services. This investment supports Sterling's efforts in the Banking as a Service (BaaS) sector and aims to enhance its digital offerings. BrightFi focuses on delivering cost-effective financial solutions to underbanked communities. The partnership is expected to drive innovation within the banking industry, aligning with Sterling's mission to serve underserved markets.

Positive

• Strategic investment in Verdigris Holdings supports growth in the Banking as a Service (BaaS) sector.
• Partnership with BrightFi aims to enhance digital offerings and services for underbanked communities.
• Collaboration expected to drive innovation in the banking industry.

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• None.

PEARL RIVER, N.Y., July 07, 2021 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE: STL), today announced it has made a strategic investment in Verdigris Holdings, Inc, the parent company of BrightFi, a leading provider of digital banking services to banks and non-bank institutions. Founded in 2016, BrightFi delivers cloud-based technology solutions that deploy digital banking and other financial services in a time- and cost-efficient manner. BrightFi partners with regional and community banks, community organizations, employers, retailers, and other institutions. It delivers affordable, technology-enabled financial services to companies and consumers in communities that are under banked and underserved by more traditional financial institutions.

This investment marks the latest in a series of strategic partnerships and financial technology investments for Sterling. The company continues to grow its Banking as a Service (“BaaS”) business, while making strategic investments in financial technology companies. These investments will accelerate the expansion of Sterling’s digital offerings, and drive further innovation in the banking and financial industry.

In making this strategic investment, Sterling joins a group of institutional investors that is committed to helping address the needs of the many millions of unbanked, underbanked and underserved businesses and households in the U.S.

“We announced a Banking as a Service partnership with BrightFi in April of this year, and we are thrilled to make this investment in its parent company, Verdigris Holdings,” said Bea Ordonez, Chief Financial Officer at Sterling Bancorp. “BrightFi provides an industry leading digital banking solution and is focused on helping drive positive change in disadvantaged communities. We are excited to partner with Verdigris and BrightFi to provide banking solutions in support of their mission, while continuing to grow our suite of innovative digital products.”

“The BrightFi team is delighted to have Sterling as an investor and partner to help us deliver on our mission of helping underbanked communities thrive by delivering access to better banking solutions,” said Michael Coghlan, CEO of Verdigris Holdings, Inc and BrightFi Services. “Our shared vision and commitment to strengthening local communities forms the foundation of an already strong partnership that will continue to benefit our collective customers now and in the future.”

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 Verdigris Holdings, Inc. and BrightFi:
BrightFi, a subsidiary of Verdigris Holdings Inc., delivers a cloud-based banking as a service platform that lets financial institutions and non-banks configure, test and deploy digital banking products at a fraction of the time and cost. BrightFi’s end to end platform significantly reduces the cost to serve a banking customer and brings modern financial services to communities that need them most. For more information, visit: www.brightfiservices.com

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 Sterling Bancorp's investment in Verdigris Holdings about?

Sterling Bancorp has made a strategic investment in Verdigris Holdings, the parent company of BrightFi, to enhance its Banking as a Service offerings and support underbanked communities.

How does the investment in BrightFi benefit Sterling Bancorp?

The investment in BrightFi is expected to accelerate Sterling Bancorp's digital offerings and drive further innovation within the banking industry.

What is BrightFi's mission related to banking solutions?

BrightFi's mission is to deliver better banking solutions to underbanked communities, focusing on affordable and technology-enabled financial services.

When did Sterling Bancorp announce its partnership with BrightFi?

Sterling Bancorp announced its partnership with BrightFi in April 2021.

What is the stock symbol for Sterling Bancorp?

The stock symbol for Sterling Bancorp is STL.