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Sterling National Bank to Acquire $843MM of EF Loans, Leases from Santander Bank

October 08, 2019, 07:30 AM
Filed Under: Mergers & Acquisitions

Sterling Bancorp announced its principal subsidiary, Sterling National Bank, has entered into a definitive agreement to acquire a portfolio of middle market commercial equipment finance loans and leases from Santander Bank, N. A.

As of Sept. 30, the balance of loans and leases outstanding to be acquired was $843 million. The portfolio has a weighted average tax-equivalent yield of approximately 4.3 percent and consists mainly of fixed-rate loans and leases. The portfolio will be integrated into Sterling’s established national Equipment Finance platform, resulting in a pro forma combined portfolio of approximately $2 billion in total loans and leases outstanding.

“We are pleased to announce this acquisition, which will augment our organic origination volumes and accelerate our strategy of repositioning our balance sheet and loan portfolio to a more diversified commercial mix,” said Jack Kopnisky, President and CEO of Sterling.

The transaction is expected to close during the fourth quarter of 2019.

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