SYS-CON MEDIA Authors: Greg Ness, Elizabeth White, Glenn Rossman, Pat Romanski, Cynthia Dunlop

News Feed Item

Sterling Bancorp Announces Redemption of Certain Trust Preferred Securities

MONTEBELLO, NY -- (Marketwired) -- 04/30/14 -- Sterling Bancorp (NYSE: STL) announced today that Sterling Bancorp Trust I (NYSE: STL-PrA) (the "Trust") will redeem all its issued and outstanding 8.375% Cumulative Trust Preferred Securities (the "trust preferred securities") on Sunday, June 1, 2014 (the "redemption date"). The redemption price will be the liquidation amount of $10 per trust preferred security plus accrued and unpaid interests to the redemption date for a total of $10.14 per trust preferred security. In accordance with the terms of the trust preferred securities, because the redemption date occurs on a date other than a business day, payment of the redemption price on each trust preferred security will occur on Monday, June 2, 2014 (without any accumulation of, or payment for, any distributions or interest during the time from the redemption date until Monday, June 2, 2014). The aggregate principal amount of trust preferred securities outstanding is approximately $25 million. The complete terms and conditions of the redemption are set forth in the notice to the holders of the trust preferred securities.

In connection with the redemption of the trust preferred securities, Sterling Bancorp will redeem all of its outstanding 8.375% Junior Subordinated Deferrable Interest Debentures (the "debentures"). All of the debentures are held by the Trust, and the proceeds from the redemption of the debentures will be applied to redeem the trust preferred securities and the Trust's common securities. The redemption price will be deposited with the Depository Trust Company ("DTC"), the sole record holder of the trust preferred securities, or its nominee, who will distribute the redemption price to the beneficial holders of the trust preferred securities as reflected on DTC's records.

The redemption agent is The Bank of New York Mellon. Any questions relating to this redemption or the loss of a trust preferred security should be directed to The Bank of New York Mellon, Trustee Bondholder Relations at (800) 254-2826.

About Sterling Bancorp
Headquartered in Montebello, N.Y., Sterling Bancorp is the holding company for Sterling National Bank, a growing full service commercial bank with $6.9 billion in assets that specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City metropolitan region through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp web site at www.sterlingbancorp.com.

Special Note Regarding Forward-Looking Statements
Certain statements in this press release, including but not limited to, statements as to redemption of the trust preferred securities and the debentures are not historical facts, are "forward-looking statements" as defined in the Securities Exchange Act of 1934. These statements are not historical facts but instead are subject to numerous assumptions, risks and uncertainties, and represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside its control. Any forward-looking statements the Company may make speak only as of the date on which such statements are made. The Company's actual results and financial position may differ materially from the anticipated results and financial condition indicated in or implied by these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see "Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements and Factors That Could Affect Future Results" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2013.

STERLING BANCORP CONTACT:

Luis Massiani
EVP & Chief Financial Officer
845.369.8040

Edward Nebb
Investor Relations Advisor
203.972.8350

Sterling Bancorp
400 Rella Boulevard
Montebello, NY 10901-4243
T 845.369.8040
F 845.369.8255
http://www.sterlingbancorp.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-qu...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and ...
We live in a time when seconds – even milliseconds – can have a dramatic economic impact on your company’s future. With technology being the primary conduit for consumer interaction, the user experience is at center stage. User experience will be a deciding factor in separating the future winners from the losers. By building more speed and agility into the application delivery process, DevOps prom...
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public clou...
SYS-CON Events announced today that Stratogent will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Stratogent is a custom managed services organization based in San Mateo, California. We design, implement, and support mission critical infrastructure 24x7 on premises, in datacenters and in t...
SYS-CON Events announced today that Grid Dynamics, the leading provider of scalable eCommerce technology solutions, will exhibit at DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Grid Dynamics is a leading provider of open, scalable, next-generation commerce technology solutions for Tier 1 retail. Grid Dynamics h...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterp...
SYS-CON Events announces a new pavilion on the Cloud Expo floor where WebRTC converges with the Internet of Things. Pavilion will showcase WebRTC and the Internet of Things. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices--co...
Docker offers a new, lightweight approach to application portability. Applications are shipped using a common container format and managed with a high-level API. Their processes run within isolated namespaces that abstract the operating environment independently of the distribution, versions, network setup, and other details of this environment. This "containerization" has often been nicknamed "th...