Sterling Bancorp Prices Public Offering of Common Stock

MONTEBELLO, NY--(Marketwired - February 05, 2015) - Sterling Bancorp (NYSE: STL) (the "Company" or "Sterling"), the parent company of Sterling National Bank, today announced that it has priced its previously announced underwritten public offering of 6.0 million shares of the Company's common stock at a public offering price of $13.00 per share.

Gross proceeds to Sterling from this offering are expected to be approximately $78.0 million. The Company intends to use the proceeds from this offering for general corporate purposes including financing of possible acquisitions of specialty commercial lending and related businesses.

Sterling has granted the underwriters a 30-day option to purchase up to an additional 0.9 million shares. The offering is expected to close on February 11, 2015, subject to customary closing conditions. 

Jefferies LLC, Keefe, Bruyette & Woods, A Stifel Company, and RBC Capital Markets, LLC are the joint book-running managers for the offering.

Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from the offices of Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, Toll Free: 877-547-6340, Email: Prospectus_Department@Jefferies.com; Keefe, Bruyette & Woods, Inc., Attn: Capital Markets, 787 Seventh Avenue, Fourth Floor, New York, NY 10019, Toll Free: 1-800-966-1559; and RBC Capital Markets, LLC, Attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281, Telephone: 212-428-6670, Email: equityprospectus@rbccm.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of the above-described prospectus supplement and accompanying base prospectus.

About Sterling Bancorp

Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families, and consumers within the communities we serve through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.

Forward-Looking Statements

This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. In addition to factors previously disclosed in reports filed with the Securities and Exchange Commission, the following factors, among others, could cause our actual results to differ materially from those contemplated by such forward-looking statements: satisfaction of each of the conditions to the underwriters' obligation to consummate the offering; corporate developments that could preclude, impair or delay the consummation of the offering due to restrictions under the federal securities laws; changes in general market, economic, regulatory or industry conditions; inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling Bancorp in managing those risks. Other factors that could cause Sterling Bancorp's actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of Sterling Bancorp's filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date they are made and we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.