Sterling Bancorp, Inc. Announces Pricing of Initial Public Offering of Common Stock
17 November 2017 - 11:57AM
Business Wire
Sterling Bancorp, Inc. ("Sterling") today announced the pricing
of its initial public offering of 15,000,000 shares of its common
stock at a public offering price of $12.00 per share. Sterling is
offering 7,692,308 shares and the selling shareholders are offering
7,307,692 shares of Sterling's common stock. The offering is
expected to result in net proceeds to Sterling of approximately
$85.6 million after deducting the underwriting discount and
estimated offering expenses. Sterling will not receive any proceeds
from the sale of shares by the selling shareholders. In addition,
the selling shareholders have granted the underwriters a 30-day
option to purchase up to 2,250,000 additional shares of common
stock at the public offering price. The shares are expected to
begin trading on Friday, November 17, 2017 on the NASDAQ Capital
Market under the symbol "SBT."
Sandler O'Neill + Partners, L.P. is acting as sole book-running
manager for the offering.
The Securities and Exchange Commission declared the Registration
Statement (File No. 333-221016) relating to these securities
effective on November 16, 2017. This press release shall not
constitute an offer to sell nor the solicitation of an offer to
buy, nor shall there be any sale of the common stock, in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. The common stock to
be offered in the initial public offering will not be insured by
the Federal Deposit Insurance Corporation or any other governmental
agency.
The offering will be made only by means of a prospectus. Copies
of the final prospectus relating to the offering may be obtained by
contacting Sandler O'Neill + Partners, L.P., 1251 Avenue of the
Americas, 6th Floor, New York, New York 10020, by phone, toll-free
at (866) 805-4128 or by email at syndicate@sandleroneill.com.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company
headquartered in Southfield, Michigan with its primary branch
operations in San Francisco and Los Angeles, California. Through
its wholly owned bank subsidiary, Sterling Bank and Trust, F.S.B.,
Sterling offers a broad range of loan products to the residential
and commercial markets, as well as retail banking services.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements,"
including with respect to the initial public offering.
Forward-looking statements are subject to many risks and
uncertainties, including, but not limited to: changes in business
plans as circumstances warrant; changes in general economic,
business and political conditions, including changes in the
financial markets; and other risks detailed in the "Cautionary Note
Regarding Forward-Looking Statements," "Risk Factors" and other
sections of the Registration Statement. Potential investors should
note that the forward-looking statements included in this press
release are not a guarantee of future events, and that actual
events may differ materially from those made in or suggested by the
forward-looking statements. Forward-looking statements generally
can be identified by the use of forward-looking terminology such as
"may," "might," "should," "could," "predict," "potential,"
"believe," "expect," "attribute," "continue," "will," "anticipate,"
"seek," "estimate," "intend," "plan," "projection," "goal,"
"target," "outlook," "aim," "would," "annualized" and "outlook," or
similar terminology. Any forward-looking statements presented
herein are made only as of the date of this press release, and
Sterling does not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, the
occurrence of unanticipated events, or otherwise, except as may be
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20171116006579/en/
Sterling Bancorp, Inc.Investor Contact:Tom Lopp, President, CFO
and COO248-355-2400
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