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Sterling Bancorp Completes $180MM IPO, Now Trading on Nasdaq

November 22, 2017, 07:18 AM
Filed Under: Industry News
Related: IPO, Sterling Bancorp

Sterling Bancorp, Inc. announced that it has completed its initial public offering of 15,000,000 shares of common stock at a price to the public of $12.00 per share and atotal offering size of $180,000,000. Sterling sold 7,692,308 shares and the selling shareholders sold 7,307,692 shares of Sterling's common stock. The offering resulted in net proceeds to Sterling of approximately $85.6 million after deducting the underwriting discount and estimated offering expenses.

Sterling did not receive any proceeds from the sale of sharesby the selling shareholders.Sterling Bancorp's common stock now trades on the Nasdaq Capital Market under the symbol "SBT."The underwriters have a 30-day option to purchase up to an additional 2,250,000 shares of common stock from the sellingshareholders at the initial public offering price less the underwriting discount. Sandler O'Neill + Partners, L.P. acted as sole book-running manager for the offering.

Manatt represented Sandler O’Neill & Partners LP, an investment banking firm, as underwriter’s counsel in the IPO of Sterling Bancorp, a Michigan-based thrift holding company with its operations primarily centered in San Francisco and Los Angeles.  The $180 million IPO was one of the larger IPOs for a financial holding company completed in 2017. More information about Sterling Bancorp’s IPO may be obtained from the company announcement, here.
Sterling Bancorp, which now trades on The NASDAQ Global Select Market as “SBT,” has a large and growing portfolio of adjustable rate residential mortgage loans.  It intends to contribute substantially all of the net proceeds of the offering to the Bank as needed from time to time. The net proceeds will be used to support the Bank's current growth, its future growth initiatives or selective acquisition activity. 

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