Sterling Bancorp in Montebello, N.Y., plans to raise $105 million in a debt sale to fuel potential acquisitions of commercial lenders.
The $12 billion-asset holding company for Sterling National Bank will offer $105 million in 5.25% fixed- to floating-rate subordinated notes due 2026. The notes are subordinated to its existing and future debt.
The notes will bear a fixed rate of 5.25%, payable semiannually on April 1 and Oct. 1 each year, beginning this October until April 2021. After that they will carry an annual floating rate equal to the three-month Libor plus 3.937%. When the notes move to the floating rate they will pay in January, April, July and October.
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Midland States Bancorp in Effingham, Ill., has agreed to buy about $400 million in wealth management assets from Sterling Bancorp in Yonkers, N.Y.
February 24 -
Metropolitan Commercial Bank in New York has named Dale Fredston, a former general counsel at Sterling Bancorp in Montebello, N.Y., to its board of directors.
January 14 -
EverBank Financial in Jacksonville, Fla., plans to raise $90 million through a public offering of subordinated debt.
March 10
The notes are set to mature on April 1, 2026. For regulatory purposes they qualify as Tier 2 capital.
