Sterling Bancorp to Redeem $65.0 Million Subordinated Notes
15 Giugno 2023 - 1:30PM
Business Wire
Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the
holding company of Sterling Bank and Trust, F.S.B. (the “Bank”),
today announced it has provided notice to the holders of its
outstanding 7.0% Fixed to Floating Subordinated Notes due April
2026 (the “Subordinated Notes”) that the Company has called all of
the Subordinated Notes for redemption pursuant to the redemption
provisions set forth in the Subordinated Notes, at a redemption
price equal to 100% of the outstanding principal balance plus
accrued but unpaid interest to (but excluding) the date of
redemption. The Subordinated Notes have an outstanding aggregate
principal amount of $65.0 million as of June 15, 2023 and currently
bear interest equal to the three-month LIBOR rate plus 5.82%. The
date set for redemption is July 15, 2023, at which time interest
will cease accruing, the Subordinated Notes will no longer be
deemed outstanding, and all rights of the holders of the
Subordinated Notes will cease and terminate other than the right to
receive the redemption price. All regulatory approvals required for
such redemption have been received.
The payment of the $65.0 million principal portion of the
redemption price will be funded by a dividend to be paid by the
Bank to the Company. Following the Bank dividend and the redemption
of the Subordinated Notes, the capital ratios of both the Company
and the Bank will continue to exceed all regulatory requirements to
be considered “well capitalized.”
“The early redemption of these Subordinated Notes comes at a
watershed moment for Sterling. The Subordinated Notes have been an
expensive drag on earnings, and consequently this redemption will
improve our profitability and margins. The Company and Bank remain
very well capitalized and very liquid,” said Thomas M. O’Brien,
Chairman, President, and Chief Executive Officer.
“Furthermore, this action represents the final step in resolving
the significant legacy challenges we have faced over the last three
years. While there will continue to be further costs related to
ongoing investigations of individuals and the need to work through
the re-positioning of our product offerings, the goals we set forth
three years ago have been successfully addressed, and we look
forward to a brighter future.”
This press release is for informational purposes only and does
not constitute an offer to sell or the solicitation of an offer to
buy any securities, including the Subordinated Notes. This press
release does not constitute a notice of redemption with respect to
the Subordinated Notes.
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 and New York City. Sterling offers a range of loan
products as well as retail and business banking services. Sterling
also has an operations center and a branch in Southfield, Michigan.
For additional information, please visit the Company’s website at
http://www.sterlingbank.com.
Forward-Looking Statements
This press release contains certain statements that are, or may
be deemed to be, “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, regarding
the Company’s plans, expectations, thoughts, beliefs, estimates,
goals and outlook for the future that are intended to be covered by
the protections provided under the Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect our
current views with respect to, among other things, future events
and our financial performance. These statements are often, but not
always, made through the use of words or phrases such as “may,”
“might,” “should,” “could,” “predict,” “potential,” “believe,”
“expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,”
“estimate,” “intend,” “plan,” “projection,” “goal,” “target,”
“outlook,” “aim,” “would” and “annualized,” or the negative
versions of those words or other comparable words or phrases of a
future or forward-looking nature. These forward-looking statements
are not historical facts, and they are based on current
expectations, estimates and projections about our industry,
management's beliefs and certain assumptions made by management,
many of which, by their nature, are inherently uncertain and beyond
our control. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions, estimates and uncertainties
that are difficult to predict. The risks, uncertainties and other
factors detailed from time to time in our public filings, including
those included in the disclosures under the headings “Cautionary
Note Regarding Forward-Looking Statements” and “Risk Factors” in
our Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 16, 2023, subsequent periodic reports
and future periodic reports, could affect future results and
events, causing those results and events to differ materially from
those views expressed or implied in the Company’s forward-looking
statements. Should one or more of the foregoing risks materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those projected in, or implied
by, such forward-looking statements. Accordingly, you should not
place undue reliance on any such forward-looking statements. The
Company disclaims any obligation to update, revise, or correct any
forward-looking statements based on the occurrence of future
events, the receipt of new information or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230615520081/en/
Sterling Bancorp, Inc. Karen Knott Executive Vice President and
Chief Financial Officer (248) 359-6624
kzaborney@sterlingbank.com
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