SOUTHFIELD, Mich.–(BUSINESS WIRE)–Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the
holding company of Sterling Bank and Trust, F.S.B., (the “Bank”) today
announced the grand opening of its Arcadia branch. The ceremony, which
took place on February 8, 2019, was officiated by Stephen Adams, Senior
Vice President, Residential Lending with representatives from
Congresswoman Judy Chu, Senator Susan Rubio, Assemblymember Ed Chau, Los
Angeles County Supervisor Kathryn Barger and Sho Tay, Acradia Mayor.
Named as the top performing community bank in 2017 with assets between
$1 billion and $10 billion by SNL/S&P Global Market Intelligence,
Sterling currently operates in four major metropolitan locations – San
Francisco, Los Angeles, New York City and greater Seattle.
“We are excited to open our new branch in Arcadia, California and offer
our suite of financial solutions to both residential and business
clients. We believe this new location aligns well with our customer base
and overall target demographic,” said Michael Montemayor, President of
Commercial and Retail Banking, Sterling Bank & Trust F.S.B. “We believe
there is tremendous opportunity for growth in the region.”
Founded in 1984 in Southfield Michigan, Sterling Bank & Trust has grown
from a single-location branch in a single market to 29 branches in four
states. The Bank is well regarded for its high-touch customer
relationships, a suite of niche loan products, a high concentration of
core deposits and a strong credit culture.
“We are a relationship-based lender and have grown our business through
a long-term, disciplined approach that emphasizes focused geographic
expansion with niche products and services that have proven successful
for us and our customers since our founding,” Montemayor added.
The Bank is also well known for its Advantage Loan program, which works
well for individuals with excellent credit and liquidity, seeking quick
approval and closing, and who need to compete with all cash buyers. This
program has been very well received by the Company’s customers, having
accounted for more than $4 billion in loan volume over the last seven
years. The loan program’s success has been validated in the 2018 Asian
Real Estate Association of America (AREAA) loan officer rankings, which
included six officers from Sterling Bank & Trust in its top twenty,
including Yihou Han as the top broker, with $200 million in residential
lending last year alone.
Additionally, each Bank branch is uniquely designed and artistically
curated. This new branch is 4,100 square feet and located at 657 West
Duarte Road in Arcadia, California. The branch is open from 9:00 am –
5:00 pm, Monday through Friday. Additionally, Sterling Bank & Trust
customers can use any ATM in the U.S. without incurring fees.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly
owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch
operations in San Francisco and Los Angeles, California, New York City
and the greater Seattle market. Sterling offers a broad range of loan
products to the residential and commercial markets, as well as retail
and business banking services. Sterling also has an operations center
and a branch in Southfield, Michigan. In March 2018, Sterling was named
as the top performing community bank in the United States with total
assets between $1 billion and $10 billion in 2017 by SNL/S&P Global
Market Intelligence. For additional information, please visit the
Company’s website at www.sterlingbank.com.
Readers should note that in addition to the historical information
contained herein, this press release includes “forward-looking
statements,” within the meeting of the federal securities laws
including, without limitation, statements concerning plans, estimates,
calculations, forecasts and projections with respect to the anticipated
future performance of the Company. Readers should note that the
forward-looking statements included in this press release are not a
guarantee of future events, and that actual events may differ materially
from those made in or suggested by the forward-looking statements.
Forward-looking statements generally can be identified by the use of
forward-looking terminology such as “will,” “propose,” “may,” “plan,”
“seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or
“continue,” or similar terminology. Any forward-looking statements
presented herein are made only as of the date of this press release, and
we do not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise.
Financial Profiles, Inc.
Larry Clark, 310-622-8223