Sterling Bancorp, Inc. Announces Completion of Initial Public Offering
21 November 2017 - 11:19PM
Business Wire
Sterling Bancorp, Inc. (NASDAQ: SBT) “Sterling” today announced
that it has completed its initial public offering of 15,000,000
shares of common stock at a price to the public of $12.00 per share
and a total offering size of $180,000,000. Sterling sold 7,692,308
shares and the selling shareholders sold 7,307,692 shares of
Sterling's common stock. The offering resulted in net proceeds to
Sterling of approximately $85.6 million after deducting the
underwriting discount and estimated offering expenses. Sterling did
not receive any proceeds from the sale of shares by the selling
shareholders.
Sterling Bancorp's common stock now trades on the Nasdaq Capital
Market under the symbol "SBT."
The underwriters have a 30-day option to purchase up to an
additional 2,250,000 shares of common stock from the selling
shareholders at the initial public offering price less the
underwriting discount.
Sandler O'Neill + Partners, L.P. acted as sole book-running
manager for the offering.
The Securities and Exchange Commission declared the Registration
Statement (File No. 333-221016) relating to these securities
effective on November 16, 2017. This press release shall not
constitute an offer to sell nor the solicitation of an offer to
buy, nor shall there be any sale of the common stock, in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. The common stock
offered in the initial public offering is not insured by the
Federal Deposit Insurance Corporation or any other governmental
agency.
The offering was made only by means of a prospectus. Copies of
the final prospectus relating to the offering may be obtained by
contacting Sandler O'Neill + Partners, L.P., 1251 Avenue of the
Americas, 6th Floor, New York, New York 10020, by phone, toll-free
at (866) 805-4128 or by email at syndicate@sandleroneill.com.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company
headquartered in Southfield, Michigan with its primary branch
operations in San Francisco and Los Angeles, California. Through
its wholly owned bank subsidiary, Sterling Bank and Trust, F.S.B.,
Sterling offers a broad range of loan products to the residential
and commercial markets, as well as retail banking services.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements,"
including with respect to the initial public offering.
Forward-looking statements are subject to many risks and
uncertainties, including, but not limited to: changes in business
plans as circumstances warrant; changes in general economic,
business and political conditions, including changes in the
financial markets; and other risks detailed in the "Cautionary Note
Regarding Forward-Looking Statements," "Risk Factors" and other
sections of the Registration Statement. Potential investors 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
"may," "might," "should," "could," "predict," "potential,"
"believe," "expect," "attribute," "continue," "will," "anticipate,"
"seek," "estimate," "intend," "plan," "projection," "goal,"
"target," "outlook," "aim," "would," "annualized" and "outlook," or
similar terminology. Any forward-looking statements presented
herein are made only as of the date of this press release, and
Sterling does not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise, except as may be
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171121006121/en/
Sterling Bancorp, Inc.Investor Contact:Tom Lopp, President, CFO
and COO248-355-2400
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