MONTEBELLO, N.Y., April 03, 2018 (GLOBE NEWSWIRE) -- Sterling Bancorp (NYSE:STL), through its principal subsidiary, Sterling National Bank, announced today it has completed the previously announced acquisition of Advantage Funding Management Co., Inc. (“Advantage Funding”), a leading provider of commercial vehicle and transportation financing services based in Lake Success, NY. Advantage Funding was part of Macquarie’s Corporate and Asset Finance Group (“CAF”) and a wholly-owned subsidiary of Macquarie Bank Limited.
As of February 28, 2018, Advantage Funding had total outstanding loans and leases of $457 million, with a diversified client base across various industry sectors and geographic markets nationwide.
Jack Kopnisky, President and CEO of Sterling noted, “We are pleased to close the acquisition of Advantage Funding and welcome all of Advantage’s colleagues and clients to Sterling. This acquisition will significantly elevate Sterling’s equipment finance business while providing expanded opportunities and enhanced services to both Sterling and Advantage’s customers.”
“The Sterling and Advantage conversion teams have been working closely together to prepare for an efficient integration of Advantage’s business and operations since signing of the definitive agreement. We expect Advantage will be additive to our commercial lending capabilities and loan growth immediately,” said Thomas X. Geisel, President, Corporate Banking at Sterling National Bank.
Hovde Group, LLC served as financial advisor to Sterling Bancorp. Macquarie Capital served as financial advisor and Mayer Brown LLP served as legal counsel to Macquarie Group.
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.
Macquarie Bank Limited is part of Macquarie Group Limited (“Macquarie”), a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 28 countries and employs more than 14,000 people. Assets under management totaled approximately $A483.5 billion as at December 31, 2017.
CAF engages Macquarie’s balance sheet to provide tailored finance and asset management solutions. As at December 31, 2017, CAF had a $A34.6 billion asset and loan portfolio globally across a range of sectors including motor vehicles, commercial aircraft, mining equipment, technology equipment and corporate and real estate lending.
About Advantage Funding
Advantage Funding, based in Lake Success, New York, founded in 1997, is dedicated to providing equipment financing and leasing solutions for ground transportation to support vehicle dealers, distributors, manufacturers and end users nationwide.
This release may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling Bancorp’s current expectations about its future results, plans, operations and prospects and involve certain risks, including the following: difficulties and delays in integrating acquisitions or fully realizing cost savings and other benefits; business disruption following acquisitions; a failure to grow revenues faster than we grow expenses, a deterioration in general economic conditions, either nationally, internationally, or in our market areas, including extended declines in the real estate market and constrained financial markets; 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; including our ability to effectively deploy recently raised capital; 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.
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Montebello, NY 10901-4243
STERLING BANCORP CONTACT:
Luis Massiani, SEVP & Chief Financial Officer