Sterling Bancorp to Buy $843 Million in Equipment Finance Loans From Santander
October 07 2019 - 5:10PM
Dow Jones News
By Robert Barba
Sterling Bancorp (STL) said Monday its bank unit has agreed to
buy $843 million in commercial-equipment finance loans from
Santander Bank N.A.
The portfolio is focused on middle-market borrowers, is made up
mostly of fixed-rate loans and carries a 4.3% yield.
The acquisition would boost Sterling's national equipment
finance platform to roughly $2 billion in loans outstanding.
Sterling Chief Executive Jack Kopnisky said in prepared remarks
that the move would help Sterling further diversify its commercial
lending business.
The deal is expected to close in the fourth quarter.
Santander Bank N.A. is owned by Santander Holdings USA Inc., a
wholly owned unit of Madrid-based Banco Santander S.A. (SAN).
Write to Robert Barba at robert.barba@wsj.com
(END) Dow Jones Newswires
October 07, 2019 16:55 ET (20:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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