Sterling BanCorp (NYSE:STL)
Historical Stock Chart
2 Months : From Oct 2019 to Dec 2019
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 email@example.com
(END) Dow Jones Newswires
October 07, 2019 16:55 ET (20:55 GMT)
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