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Sterling National Bank Equipment Finance Doubles Q1 Volume Y/Y

May 20, 2014, 06:50 AM
Filed Under: Corporate Earnings

The Equipment Finance division of Sterling National Bank, the principal subsidiary of Sterling Bancorp, finished the first quarter of 2014 with a record $107MM in gross funding ($98MM net) – doubling its volume compared to Q1 2013. The Q1 2014 figure represents the largest quarterly funded amount in the history of the division, dating back 20 years.

“Our streamlined credit approval process and team-based service model are attractive advantages for companies looking to finance their equipment needs,” said Keith Smith, Senior Managing Director, Sterling National Bank. “As a cash flow lender, we can also lend to all industries and can scale to meet our clients’ demands, whether it is a portfolio of small ticket copier leases or a larger, one-off large crane transaction.”

In addition to setting a record in quarterly funding, Sterling’s average ticket figure has also steadily increased to over $1MM. Sterling’s equipment finance division has also increased its lending capacity as a result of its recent merger with Provident Bank.

“As a larger institution, we now have the ability to finance larger transactions than we had in the past,” added Smith. “Looking forward, we see a healthy pipeline of approved transactions and new partners. In an increasingly competitive environment, we expect 2014 to be a banner, record-setting year for the division.”

Sterling National Bank, the principal subsidiary of Sterling Bancorp, specializes in the delivery of service and solutions to business owners, their families, and consumers in communities within the greater New York City area through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services.


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