Source: globenewswire.com
Sterling Bancorp signed a definitive agreement to acquire the asset-based and equipment finance lending businesses of Woodforest National Bank in an all-cash transaction. As of December 31, 2018, the balance of commercial loans and leases outstanding to be acquired was $504 million. This consisted of $339 million in asset-based loans and $165 million in equipment finance loans. The acquisition would significantly increase origination capabilities in the Midwest and Southwest regions to Sterling’s established national commercial lending platform. The transaction is expected to close in Q1 2019.
