NEW YORK - Sterling Bancorp, the parent of Sterling National Bank and Trust Co. of New York, said it has completed its acquisition of Zenith Financial Corp.

Great Neck, N.y.-based Zenith was a privately held provider of consumer receivables financing, with a $16 million loan portfolio. Terms of the sale were not disclosed.

Sterling installed former Zenith vice president John P. Murphy as president of a new division, Zenith Financial Services Co. Former Zenith chairman Paul Singer joined Sterling as a consultant.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.