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Michigan-based Sterling completes IPO

Southfield, Mich.-based Sterling Bancorp Inc. has completed its IPO. It sold 7,692,308 shares at $12 each, the low end of its expected price range.

Net proceeds to the company amounted to approximately $85.6 million. Its stock now trades on the Nasdaq Capital Market under the ticker symbol SBT.

Selling shareholders sold a total of 7,307,692 shares. The offering's underwriters have an option to buy up to 2,250,000 more shares from them.

Sandler O'Neill & Partners LP is the sole underwriter.