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Sterling up more than 2% after equipment finance deal

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Sterling up more than 2% after equipment finance deal

Sterling Bancorp's stock was up 2.58% to $24.85 as of 11:42 a.m. ET, after it disclosed a deal for Advantage Funding Management Co. Inc.

The target, a Macquarie Group Ltd. subsidiary, is a commercial vehicle and transportation financing services provider with $458 million in outstanding loans and leases at the end of 2017.

Around the same time, the SNL U.S. Bank Index was down 0.48% to 640.98, and the SNL U.S. Thrift Index was down 0.43% to 959.70.

The broader markets were trending downward, with the S&P 500 declining 0.25% to 2,714.23, the Dow Jones Industrial Average Index down by 0.52% to 24,744.76 and the Nasdaq Composite Index declining 0.050% to 7,327.07.

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