Sterling Bancorp to Buy $843 Million in Equipment Finance Loans From Santander

Date : 10/07/2019 @ 9:10PM
Source : Dow Jones News
Stock : Banco Santander SA (SAN)
Quote : 3.91  0.02 (0.51%) @ 12:59AM
After Hours
Last Trade
Last $ 3.91 ◊ 0.00 (0.00%)

Sterling Bancorp to Buy $843 Million in Equipment Finance Loans From Santander

Sterling BanCorp (NYSE:STL)
Historical Stock Chart

2 Months : From Oct 2019 to Dec 2019

Click Here for more Sterling BanCorp Charts.

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


(END) Dow Jones Newswires

October 07, 2019 16:55 ET (20:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest SAN Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....

No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.