MONTEBELLO, N.Y., Feb. 28, 2020 (GLOBE NEWSWIRE) -- Sterling Bancorp (STL), the parent company of Sterling National Bank, today announced that the Board of Directors approved a new authorization for the repurchase of up to an additional 20,000,000 of the company’s outstanding common stock. The repurchases will be made in the open market or through privately negotiated transactions, over time, depending on market conditions. The stock repurchase program may be modified, extended or terminated at any time by the Board of Directors. Sterling Bancorp had approximately 198.0 million shares of common stock outstanding as of February 27, 2020, per the company’s annual report on Form 10-K for the year ended December 31, 2019.
“This new authorization is consistent with our strategy of returning excess capital to our stockholders in a manner that is aligned with our internal capital generation, our need to continue investing in all of our businesses and maintaining ample capital for growth opportunities,” said Jack Kopnisky, CEO and President.
About Sterling Bancorp
Sterling Bancorp, whose 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. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
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 are subject to numerous assumptions, risks and uncertainties, including 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; customer disintermediation; and the success of Sterling at managing these 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 securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling Bancorp specifically disclaims any obligation to update these statements in the future.
STERLING BANCORP CONTACT:
Emlen Harmon, SVP – Director of Investor Relations
400 Rella Boulevard
Montebello, NY 10901-4243