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Sterling Bancorp Grants Employee Inducement Awards Pursuant to New York Stock Exchange Listed Company Manual Section 303A.08

MONTEBELLO, NY--(Marketwired - Nov 1, 2013) - Sterling Bancorp ( NYSE : STL ) announced today, as required by New York Stock Exchange (NYSE) Listed Company Manual Section 303A.08, that it has granted Howard M. Applebaum, Michael Bizenov and Dale C. Fredston restricted stock units in respect of 51,195, 31,997, and 12,799 shares of Sterling Bancorp's common stock, respectively. The grants to Messrs. Applebaum and Bizenov and Ms. Fredston were approved by a majority of the independent directors on the company's board as "employment inducement awards" under the Section 303A.08 of the NYSE Listed Company Manual, and will vest in equal installments on each of the first three anniversaries of the grant date, subject to the executive's continued employment with the company through each such anniversary, and also subject to accelerated vesting upon certain terminations of employment.

About Sterling Bancorp
Sterling Bancorp is the holding company for Sterling National Bank, a financial services firm that specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City area 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 www.snb.com.

400 Rella Boulevard | Montebello, NY 10901
845-369-8040 PHONE | snb.com