Sterling Bancorp (SBT) Plans to Raise $130 Million in November 21st IPO

Sterling Bancorp (SBT) plans to raise $130 million in an IPO on Tuesday, November 21st, IPO Scoop reports. The company plans to issue 10,000,000 shares at $12.00-$14.00 per share.

In the last 12 months, Sterling Bancorp generated $113.4 million in revenue and $37.6 million in net income. Sterling Bancorp has a market-cap of $688.8 million.

Sandler O’Neill & Partners served as the underwriter for the IPO.

Sterling Bancorp provided the following description of their company for its IPO: “We are a unitary thrift holding company headquartered in Southfield, Michigan with our primary branch operations in San Francisco and Los Angeles, California. Through our wholly owned bank subsidiary, Sterling Bank and Trust, F.S.B., we offer a broad range of loan products to the residential and commercial markets, as well as retail banking services. Since 2013, we have grown organically at a compound annual growth rate of 29% while maintaining stable margins and solid asset quality. Since 2013, we have grown our branch network from 16 branches to our current total of 26 branches, including 20 in the San Francisco area, 4 in greater Los Angeles, our recently opened branch in New York City and our headquarters’ branch in Michigan. We also expect to open a branch near Seattle, Washington, where we currently have a loan production office, by the end of 2017 and two additional branches in Los Angeles in early 2018. “.

Sterling Bancorp was founded in 2013 and has 294 employees. The company is located at One Towne Square, Suite 1900, Southfield, Michigan 48076, US and can be reached via phone at (248) 355-2400 or on the web at

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