We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Sterling Bancorp Unit Acquires Santander Bank's $839M Loans
Read MoreHide Full Article
Sterling Bancorp recently announced that its principal subsidiary, Sterling National Bank, has completed the acquisition of middle market commercial equipment finance loans and leases from Santander Bank, N.A. The terms of the deal, announced in October, were undisclosed.
The amount of equipment finance loans and leases acquired was $839 million.
The major components of the acquired portfolio were fixed rate loans and leases, and it had a weighted average tax-equivalent yield of approximately 4.3%.
At the time of the announcement of the deal, it was mentioned that the portfolio to be acquired will be merged into Sterling Bancorp’s established national Equipment Finance platform. The combined portfolio will have an outstanding balance of total loans and leases of nearly $2 billion.
Jack Kopnisky, president and CEO of Sterling Bancorp, stated, “We are pleased to complete this acquisition, which will enhance our commercial banking capabilities and augment our organic origination volumes.”
The deal is likely to boost Sterling Bancorp’s balance sheet and loan portfolio repositioning strategy, and will help it form a more diversified commercial mix. Further, the company’s inorganic efforts are expected to augment its commercial lending capabilities.
In March 2019, Sterling National Bank acquired the asset-based and equipment finance lending businesses of Woodforest National Bank. With this deal, Sterling Bancorp acquired $495 million worth commercial loans and leases, consisting of asset-based loans of $331 million and equipment finance loans of $164 million.
Prior to this, in 2018, Sterling Bancorp’s subsidiary had completed the buyout of Advantage Funding Management Co., Inc.
Currently, Sterling Bancorp carries a Zacks Rank #3 (Hold). Its shares have gained 23.3%, outperforming the industry’s rise of 15.5% in the year-to-date period.
Key Picks
Metropolitan Bank Holding Corp.’s (MCB - Free Report) earnings estimates for the ongoing fiscal year have moved 6.6% north over the past 60 days. Additionally, the stock has gained 44.3% so far this year. It currently sports a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Bancorp, Inc.’s (TBBK - Free Report) earnings estimates for 2019 have moved 14.7% upward in the past 60 days. Moreover, the Zacks #1 Ranked stock has risen 39.6% year to date.
Salisbury Bancorp, Inc. has witnessed upward earnings estimate revision of 7% for 2019 in the past 60 days. Moreover, the Zacks Rank #1 stock has gained 30% in the year-to-date period.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.
Image: Bigstock
Sterling Bancorp Unit Acquires Santander Bank's $839M Loans
Sterling Bancorp recently announced that its principal subsidiary, Sterling National Bank, has completed the acquisition of middle market commercial equipment finance loans and leases from Santander Bank, N.A. The terms of the deal, announced in October, were undisclosed.
The amount of equipment finance loans and leases acquired was $839 million.
The major components of the acquired portfolio were fixed rate loans and leases, and it had a weighted average tax-equivalent yield of approximately 4.3%.
At the time of the announcement of the deal, it was mentioned that the portfolio to be acquired will be merged into Sterling Bancorp’s established national Equipment Finance platform. The combined portfolio will have an outstanding balance of total loans and leases of nearly $2 billion.
Jack Kopnisky, president and CEO of Sterling Bancorp, stated, “We are pleased to complete this acquisition, which will enhance our commercial banking capabilities and augment our organic origination volumes.”
The deal is likely to boost Sterling Bancorp’s balance sheet and loan portfolio repositioning strategy, and will help it form a more diversified commercial mix. Further, the company’s inorganic efforts are expected to augment its commercial lending capabilities.
In March 2019, Sterling National Bank acquired the asset-based and equipment finance lending businesses of Woodforest National Bank. With this deal, Sterling Bancorp acquired $495 million worth commercial loans and leases, consisting of asset-based loans of $331 million and equipment finance loans of $164 million.
Prior to this, in 2018, Sterling Bancorp’s subsidiary had completed the buyout of Advantage Funding Management Co., Inc.
Currently, Sterling Bancorp carries a Zacks Rank #3 (Hold). Its shares have gained 23.3%, outperforming the industry’s rise of 15.5% in the year-to-date period.
Key Picks
Metropolitan Bank Holding Corp.’s (MCB - Free Report) earnings estimates for the ongoing fiscal year have moved 6.6% north over the past 60 days. Additionally, the stock has gained 44.3% so far this year. It currently sports a Zacks Rank #1(Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Bancorp, Inc.’s (TBBK - Free Report) earnings estimates for 2019 have moved 14.7% upward in the past 60 days. Moreover, the Zacks #1 Ranked stock has risen 39.6% year to date.
Salisbury Bancorp, Inc. has witnessed upward earnings estimate revision of 7% for 2019 in the past 60 days. Moreover, the Zacks Rank #1 stock has gained 30% in the year-to-date period.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.
See 7 handpicked stocks now >>