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)
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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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