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New York-based Sterling Bancorp to repurchase up to 10 million shares

The board of Montebello, N.Y.-based Sterling Bancorp on Feb. 27 authorized the repurchase of up to 10 million shares under a new buyback plan.

The shares represent 4.4% of the company's outstanding common shares as of Dec. 31, 2017.

Repurchases may be done through open market transactions and block trades. Repurchased shares will be held as Treasury stock and will be made available for corporate purposes.