Sterling Bancorp is a Delaware corporation, bank holding company and financial
holding company that owns all of the outstanding shares of common stock of its
principal subsidiary, Sterling National Bank (the “Bank”). Under
the terms of the HVB Merger, HVHC shareholders received 1.92 shares of our common
stock for each share of HVHC common stock. The HVB Merger has furthered our
strategy of expanding in the greater New York metropolitan region by providing
us with a significant presence and deposit market share in Westchester County,
New York, and created an opportunity to realize significant operating expense
savings.
On October 31, 2013, when we were formerly known as Provident New York Bancorp
(“Legacy Provident”) and the parent company of the Bank, then called
Provident Bank, we acquired Sterling Bancorp (“Legacy Sterling”)
through a merger. Legacy Provident was the accounting acquirer and surviving
entity. At that time, we became a bank holding company and a financial holding
company as defined by the Bank Holding Company Act of 1956, as amended, or the
BHC Act. Legacy Sterling’s principal subsidiary, Sterling National Bank,
merged into our principal subsidiary, the Bank, which was then called Provident
Bank. The Bank changed its legal entity name to Sterling National Bank. We refer
to the transactions detailed above collectively as the “Provident Merger”.The
Bank is a full-service regional bank founded in 1888. Headquartered in Montebello,
New York, the Bank specializes in the delivery of services and solutions to
business owners, their families and consumers within the communities we serve
through teams of dedicated and experienced relationship managers. The Bank offers
a complete line of commercial, business, and consumer banking products and services.
Subsidiaries
We and the Bank maintain a number of wholly-owned subsidiaries, including a
company that originates loans to municipalities and governmental entities and
acquires securities issued by state and local governments, a real estate investment
trust that holds real estate mortgage loans, several subsidiaries that hold
foreclosed properties acquired by the Bank, a Vermont captive insurance company
and other subsidiaries that have an immaterial impact on our financial condition
or results of operations.
Through the Bank, we operate as a regional bank providing a broad offering
of deposit, lending and wealth management products to commercial, consumer and
municipal clients in our market area. We focus mainly on delivering products
and services to small and middle market commercial businesses and affluent consumers.
We believe that this is a client segment that is underserved by larger bank
competitors in our market area.
Our primary strategic objective is to generate sustainable growth in revenues
and earnings. To achieve this goal, we focus on the following initiatives:
Target on specific “high value” customer segments and geographic
markets.
Deploy a single point of contact, relationship-based distribution strategy through
our commercial banking teams and financial centers.
Continuously expand our delivery and distribution channels by recruiting new
commercial teams.
Maximize efficiency through a technology enabled, low-cost operating platform
and controlling operating costs.
Create a high productivity culture through differentiated compensation programs
based on a pay-for-performance philosophy.
Maintain strong risk management systems and proactively manage enterprise risk.
The Bank targets the following geographic markets: (i) the New York Metro Market,
which includes Manhattan and Long Island; and (ii) the New York Suburban Market,
which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester
counties in New York and Bergen County in New Jersey. We believe the Bank operates
in an attractive footprint that presents us with significant opportunities to
execute our strategy.
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