Sterling Bancorp (STL) to Offer 3.8M Shares

November 16, 2016 4:08 PM EST

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Sterling Bancorp (NYSE: STL) announced that it is offering 3,800,000 shares of the Company's common stock in a registered public offering. Sterling also expects to grant the underwriters a 30-day option to purchase up to an additional 570,000 shares. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include working capital, funding potential acquisitions and other strategic business opportunities.

Credit Suisse and UBS Investment Bank are joint book-running managers for the offering.

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