Sterling Bancorp announced its principal subsidiary, Sterling National Bank, has completed the previously announced acquisition of middle market commercial equipment finance loans and leases from Santander Bank, N.A.
The balance of equipment finance loans and leases outstanding acquired was $839 million.
“We are pleased to complete this acquisition, which will enhance our commercial banking capabilities and augment our organic origination volumes. We look forward to delivering excellent service and financing flexibility to our new clients,” said Jack Kopnisky, President and CEO of Sterling.
Thomas X. Geisel, President – Corporate Banking, noted, “This acquisition enables us to focus on and invest in the growth of our commercial finance vertical. The portfolio will be integrated into Sterling’s established national equipment finance platform. The conversion teams have worked diligently to ensure a seamless integration.”
The deal was announced in October.