Sterling National Bank Signs Agreement with Rho Technologies

Rhea-AI Summary

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.

Positive

• Collaboration with Rho Technologies enhances Sterling's Banking as a Service offerings.
• Sterling supports Rho's expansion with a comprehensive suite of banking solutions.
• Partnership aligns with Sterling's strategy for digital transformation.

Negative

• None.

Banking as a Service collaboration to power innovative banking products and services to growing companies

PEARL RIVER, N.Y., April 05, 2021 (GLOBE NEWSWIRE) -- Sterling National Bank, the wholly-owned operating bank subsidiary of Sterling Bancorp (NYSE: STL), today announced a Banking as a Service (BaaS) agreement with Rho Technologies, the fintech company behind Rho Business Banking. Rho Technologies is a digital platform that provides companies with a suite of commercial banking and financial software solutions. Sterling will provide Rho with a holistic package of wholesale banking solutions to support their rapid expansion and accelerate customer growth. This collaboration is a multi-service partnership that combines Sterling’s product, operational and regulatory expertise with Rho’s sophisticated technology and product capabilities.

This collaboration marks the latest in a series of strategic partnerships and digital technology investments for Sterling -- designed to create customized products and solutions for a diverse set of financial and financial technology companies. With more than $30 billion in assets, Sterling consistently delivers exceptional relationship-driven products and services to consumer, small business, and commercial clients.

“We are excited to partner with Rho. Their innovative digital banking platform provides businesses with access to the banking, budgeting and payments products they need to succeed,” said Matthew Smith, Executive Managing Director; Direct Banking and Banking as a Service. “Our agreement with Rho is an important step in broadening our portfolio of Banking as a Service arrangements with leading technology companies and accelerating our organization-wide digital transformation to offer customer-centric, digitally-enabled solutions to the marketplace.”

“Rho is thrilled to collaborate with Sterling National Bank. We spent a lot of time seeking a partner that had the capabilities and scale that our current and future customers need,” said Everett Cook, CEO at Rho Technologies. “We look forward to working with Sterling in supporting our future product and service offerings.”

About Sterling National Bank
Sterling National Bank specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.

About Rho:
Rho Technologies is the NYC-based fintech behind Rho Business Banking, the only finance platform built from the ground-up to help business teams work better together. The Rho Business Banking platform approach consists of a single solution that encompasses both collaborative finance software and commercial-grade banking, which together help businesses save time, money, and effort as they grow.

Sterling National Bank

Two Blue Hill Plaza, Second Floor

Pearl River, NY 10965

T 845.369.8040

F 845.369.8255

http://www.sterlingbancorp.com

STERLING NATIONAL BANK CONTACT:

Emlen Harmon, Senior Managing Director – Investor Relations

212.309.7646

FAQ

What is the STL stock symbol's recent partnership announcement?

Sterling National Bank announced a Banking as a Service agreement with Rho Technologies.

How does the Banking as a Service collaboration impact STL?

The collaboration aims to enhance Sterling's offerings and support Rho's growth, potentially benefiting STL shareholders.

What financial metrics does Sterling National Bank have?

Sterling National Bank has over $30 billion in assets.

When was the BaaS partnership with Rho announced?

The partnership was announced on April 5, 2021.