~ Rise in annual rankings is a reflection of our commitment to deliver value for
customers, shareholders, employees and communities ~
MONTEBELLO, N.Y., Feb. 08, 2018 (GLOBE NEWSWIRE) -- Sterling National Bank, the principal subsidiary of Sterling Bancorp (NYSE:STL), has been ranked #31 in Forbes magazine’s annual ranking of America’s Best Banks, a rise from #36 in 2017's rankings and #87 in 2016’s rankings. The ninth annual list gauges the financial condition of each of America's 100 largest banks and thrifts by assets, and is based on a combination of 10 key metrics related to growth, profitability, capital adequacy and asset quality.
"We are pleased to once again be named to this very prestigious list and proud of our continued rise in the rankings,” said Jack Kopnisky, President and Chief Executive Officer of Sterling. “Over the past year we have continued to deliver on our commitment of providing value for customers, shareholders, employees and communities. Now, with the successful completion of the Astoria acquisition, and the integration of new expertise and capabilities, we are delivering on our vision of building a highly diversified regional bank. The growth we’ve seen in assets, loans, deposits, and earnings are all testaments to the success of our strategy and the hard work of our teams.”
Amidst the backdrop of a dynamic marketplace, Sterling ended 2017 with a hallmark performance, announcing the completion of its merger with Astoria Financial Corporation, expanding commercial banking teams in key communities, and providing clients with an enhanced array of banking solutions.
Among the highlights of 2017, Sterling:
- Completed its merger with Astoria Bank, resulting in a diversified commercial bank with over $30 billion in assets and a growing footprint in the greater New York City metropolitan area.
- Generated record volumes in total assets, deposits, revenues and profitability, with adjusted net income available to common stockholders of $222 million and adjusted earnings per share available to common stockholders of $1.40 for 2017, which represented growth of 52.6% and 26.1%, over the prior year, respectively.
- Provided over $364 million of debt and equity capital to lending and investments in community development initiatives including three major projects: Newburgh CORe, which provided affordable housing space for Artists in Orange County, NY; West Farm apartments, bringing much needed housing and services for formerly homeless individuals living with HIV/AIDS in the Bronx; and housing in participation with Comunilife and Woodhull Hospital in Brooklyn, under which residents will be referred to housing opportunities by the Hospital’s Department of Psychiatry.
- Delivered more than $800,000 in grants to the greater New York communities the bank serves.
- Hired 27 new sales and service professionals since September 2017 to focus on expanding the bank’s business and growth opportunities.
"We look forward to the opportunities that lie ahead in 2018, as we build upon our strengths to drive financial performance, expand in key geographies, provide leading edge products and services to our customer base, and seek new avenues for growth,” added Kopnisky.
About Sterling National Bank
Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.
This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling's current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including 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 at managing these risks. Other factors that could cause Sterling's actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of Sterling's securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling specifically disclaims any obligation to update these statements in the future.
STERLING NATIONAL BANK: Christina Favilla Chief Operating Officer 914.771.3110
Source:Sterling National Bank