Sterling Bancorp, through its principal subsidiary Sterling National Bank, is to acquire the asset-based and equipment finance lending businesses of Woodforest National Bank
At the end of 2018, the balance of commercial loans and leases outstanding to be acquired was $504 million, with $339 million in asset-based loans and $165 million in equipment finance loans.
The bank said the acquisition will add significant origination capabilities in the Midwest and Southwest regions of the US to Sterling’s established national commercial lending platform, including a direct lending equipment finance sales and originations team.
Jack Kopnisky, president and chief executive officer of Sterling, said: “The acquisition of this business is consistent with our strategy of accelerating the transition of our balance sheet to a more diversified and higher-yielding commercial loan mix, and will augment strong organic origination volumes that we anticipate in our commercial businesses in 2019.”