SOUTHFIELD, Mich.--(BUSINESS WIRE)--Feb. 25, 2019--
Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the
holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today
announced the grand opening of its SBT Advantage Bank branch in the
Flushing neighborhood of Queens, New York. The ceremony, which took
place on February 21, 2019, was officiated by Michael Montemayor,
President Commercial and Retail Banking, and Yihou Han, Vice President,
Managing Director, Residential Lending. Also in attendance were City
Councilman Peter Koo and John Choe, Executive Director, Greater Flushing
Chamber of Commerce. At the ceremony, Sterling presented a $5,000 check
to Jiang (Jay) Yu, CEO of LunarNYC for its Asian Heritage Basketball
Tournament. LunarNYC is a non-profit organization whose primary mission
is the development of youth between the ages of 5-22 years while
promoting diversity, love, unity and peace through leadership programs.
“Expanding our presence with a new street-level branch in Queens is very
exciting as New York City continues to be one of the most attractive
markets in the United States based on population growth, household
income and wealth, and job growth,” said Mr. Montemayor. “Our niche
suite of products and services align well with the needs of the
community and we believe New York will be a strong growth region for us.”
Mr. Montemayor continued, “It is important for us to support our
communities and we believe LunarNYC is a tremendous organization doing
good things for youth in the Flushing neighborhood. We are delighted to
be associated with this giving organization.”
Named as the top performing community bank in 2017 with assets between
$1 billion and $10 billion by SNL/S&P Global Market Intelligence,
Sterling currently operates in four major metropolitan locations – San
Francisco, Los Angeles, New York City and greater Seattle.
Founded in 1984 in Southfield, Michigan, Sterling Bank & Trust has grown
from a single-location branch in a single market to 29 branches in four
states. The Bank is well regarded for its high-touch customer
relationships, a suite of niche loan products, a high concentration of
core deposits and a strong credit culture.
The Bank is also well known for its Advantage Loan program, which works
well for individuals with excellent credit and liquidity, seeking quick
approval and closing, and who need to compete with all cash buyers. This
program has been very well received by the Company’s customers, having
accounted for more than $4 billion in loan volume over the last seven
years. The loan program’s success has been validated in the 2018 Asian
Real Estate Association of America (AREAA) loan officer rankings, which
included six officers from Sterling Bank & Trust in its top twenty,
including Yihou Han as the top producer, with $200 million in
residential lending last year alone.
Additionally, each Bank branch is uniquely designed and artistically
curated. This new branch is 1,300 square feet and located at 39-02 Main
Street in Flushing, New York. The branch is open from 9:00 am – 5:00 pm,
Monday through Friday.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly
owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch
operations in San Francisco and Los Angeles, California, New York City
and the greater Seattle market. Sterling offers a broad range of loan
products to the residential and commercial markets, as well as retail
and business banking services. Sterling also has an operations center
and a branch in Southfield, Michigan. In March 2018, Sterling was named
as the top performing community bank in the United States with total
assets between $1 billion and $10 billion in 2017 by SNL/S&P Global
Market Intelligence. For additional information, please visit the
Company’s website at www.sterlingbank.com.
Readers should note that in addition to the historical information
contained herein, this press release includes "forward-looking
statements," within the meeting of the federal securities laws
including, without limitation, statements concerning plans, estimates,
calculations, forecasts and projections with respect to the anticipated
future performance of the Company. Readers should note that the
forward-looking statements included in this press release are not a
guarantee of future events, and that actual events may differ materially
from those made in or suggested by the forward-looking statements.
Forward-looking statements generally can be identified by the use of
forward-looking terminology such as "will," "propose," "may," "plan,"
"seek," "expect," "intend," "estimate," "anticipate," "believe" or
"continue," or similar terminology. Any forward-looking statements
presented herein are made only as of the date of this press release, and
we do not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190225005697/en/
Source: Sterling Bancorp, Inc.
Financial Profiles, Inc.
Larry Clark, 310-622-8223