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Sterling Bancorp closes offering of subordinated notes due 2029

Sterling Bancorp closed an underwritten public offering of $275 million aggregate principal amount of 4.00% fixed-to-floating rate subordinated notes due 2029.

The Montebello, N.Y.-based company expects to use the net proceeds of the offering for general corporate purposes, including the repayment of certain outstanding indebtedness.

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