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Sterling Bancorp prices offering of subordinated notes due 2029

Montebello, N.Y.-based Sterling Bancorp priced an offering of $275 million aggregate principal amount of 4.00% fixed- to floating-rate subordinated notes due 2029.

The notes, which have a 10-year term, were offered to the public at par. These have an initial fixed interest rate of 4.00% to, but excluding, Dec. 30, 2024, payable semiannually in arrears. From, and including, Dec. 30, 2024, the interest rate on the notes resets quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term secured overnight financing rate plus 253 basis points, payable quarterly in arrears.

Sterling Bancorp expects to close the offering on or about Dec. 16. The company expects to use the net proceeds of the transaction for general corporate purposes, including the repayment of certain outstanding debt.

Sandler O'Neill & Partners LP, Keefe Bruyette & Woods Inc. and U.S. Bancorp Investments Inc. are acting as joint book-running managers for the offering.