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Sterling Bancorp Mulling Portfolio Deals, Bank Acquisitions

July 29, 2019, 09:00 AM
Filed Under: Mergers & Acquisitions

New York-based Sterling Bancorp may announce a portfolio acquisition by the end of the year, according to an analysis of the group's second-quarter earnings call by S&P Global Market Intelligence.

S&P's Carolyn Durent writes that President and CEO Jack Kopnisky said there is a 75% chance the bank will announce a portfolio acquisition by the end of 2019. He said if the bank does not announce one by the end of this year, it will likely announce an acquisition early in 2020.

"We're very confident of being able to announce and execute on the same type of deals that we've done [in the last two years]," said Kopnisky.

The bank also will look at whole-bank M&A opportunities in the Northeast, said Kopnisky. The goal of acquisitions for Sterling is primarily to create more funding, and management has had conversations with several banks interested in selling, he added.

"There are more banks that want to sell than there are buyers of banks," he said.

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