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Sterling Bancorp (NYSE: STL) has announced a quarterly cash dividend of $16.25 per share on its 6.50% Series A Non-Cumulative Perpetual Preferred stock (NYSE: STLPRA). This dividend will be payable on October 15, 2020, to shareholders of record as of September 25, 2020. The decision reflects the company's commitment to returning value to its shareholders amidst ongoing operations within the banking sector.
Sterling National Bank (NYSE: STL) and Cashfac announced a strategic partnership to enhance Sterling's Escrow account services by implementing Cashfac's Virtual Bank Technology (VBT) platform. This collaboration aims to improve the experience for small and medium-sized businesses by offering scalable, automated solutions for receivables management. The VBT platform will streamline processes, reduce manual tasks, and provide self-service capabilities for clients, ultimately enhancing Sterling's service offerings in North America. The agreement reflects both companies' commitment to customer service and technological advancement.
Sterling National Bank (NYSE: STL) has partnered with the Business Outreach Center (BOC) Network to assist small businesses, particularly minority and women-owned, recovering from COVID-19 financial impacts. Funded by a $250,000 grant from the Sterling National Bank Charitable Foundation, the initiative will offer rent relief, operational support, and educational resources to about 1,200 small businesses in NYC. This partnership emphasizes community support and financial assistance for sustainable business recovery and highlights Sterling's commitment to aiding underserved entrepreneurs.
Sterling Bancorp (NYSE: STL) has declared a quarterly cash dividend of $0.07 per share, payable on August 17, 2020, to shareholders on record as of August 3, 2020. This decision reflects the company's ongoing commitment to returning value to its shareholders. Sterling Bancorp, operating through its subsidiary Sterling National Bank, provides a range of banking products and services, focusing on supporting business owners and consumers in its communities.
Sterling Bancorp (STL) reported a net income of $48.8 million, or $0.25 per diluted share, for Q2 2020, a significant increase from $12.2 million in Q1 2020. However, this reflects a 48.3% decrease year-over-year. Total assets rose 2% to $30.8 billion, and total deposits increased 12.7% to $23.6 billion. The allowance for credit losses surged 249.2% to $365.5 million, highlighting increased provisions amidst economic uncertainty. The bank funded about 3,300 PPP loans totaling $649.4 million aimed at supporting clients during the pandemic.
Sterling Bancorp (NYSE: STL) has launched its new Banking-as-a-Service (BaaS) program, providing customized financial solutions for FinTech and non-bank partners. This initiative aims to enhance digital banking capabilities and offers a comprehensive API platform for partners to integrate Sterling’s services into their businesses. The BaaS program is expected to create profitable revenue opportunities while supporting the growth of its partners. CEO Jack Kopnisky emphasized the alignment of this program with the bank's mission of delivering scalable products tailored to small and middle-market enterprises.
Sterling Bancorp (NYSE: STL) will release its second quarter financial results for the period ending June 30, 2020, after market close on July 22, 2020. A teleconference and webcast to discuss these results will take place on July 23, 2020, at 8:00 AM Eastern Time. Interested parties can access the event via the company's website or by phone. Sterling Bancorp focuses on providing banking solutions tailored for businesses and consumers through experienced relationship managers.
