Sterling Bancorp to Repay TARP Funds in Full, $42M Per Issued to Treasury (STL)

Sterling Bancorp STL, a financial holding company headquartered in New York City and the parent company of Sterling National Bank, today announced that it has received approval from the U.S. Treasury Department to redeem the entire $42 million of preferred stock issued to the Treasury in December 2008 under the TARP Capital Purchase Program.  The Company will complete the preferred stock redemption today.  After redeeming the Treasury shares, Sterling's capital ratios will continue to exceed the regulatory requirements for well-capitalized institutions.