STNJ Sterling Bank (MM)

Sterling Bank Announces 50% Increase in Quarterly Cash Dividend MOUNT LAUREL, N.J., Jan. 27 /PRNewswire-FirstCall/ -- Sterling Bank (NASDAQ:STNJ) today announced that its Board of Directors has authorized a regular quarterly cash dividend payment of $0.03 per common share. This cash dividend will be paid on February 23, 2005, to shareholders of record as of February 11, 2005. This represents an increase of 50% in the level of the regular quarterly cash dividends paid by Sterling Bank, of $.02 per share. In making this announcement today for the Board of Directors, Robert H. King, President and Chief Executive Officer said, "This increase in the quarterly cash dividend reflects the positive earnings progression being achieved by Sterling Bank." Sterling Bank is a community bank headquartered in Burlington County, New Jersey, with assets of $294 million as of December 31, 2004. Sterling Bank's main office is located in Mount Laurel, New Jersey and its five other Community Banking Centers are located in Burlington and Camden Counties in New Jersey. Sterling Bank began operations in December 1990 with the purpose of serving consumers and small to medium-sized businesses in its market area. The Bank's deposits are insured to the applicable regulatory limits per depositor by the Federal Deposit Insurance Corporation. Sterling Bank is a member of the Federal Reserve System. The common stock of Sterling Bank is traded on the NASDAQ Small Cap Market under the symbol "STNJ." For additional information about Sterling Bank visit our website at http://www.sterlingnj.com/. This news release may contain certain forward-looking statements, such as statements of the Bank's plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as "expects," "subject," "believe," "will," "intends," "will be" or "would." These statements are subject to change based on various important factors (some of which are beyond the Bank's control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management's analysis only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Bank to effectively manage its growth, and results of regulatory examinations, among other factors. Sterling Bank cautions that the foregoing list of important factors is not exclusive. Readers should carefully review the risk factors described in other documents the Bank files from time to time with the Federal Reserve, including the Bank's Annual Report on Form 10-KSB for the year ended December 31, 2003, Quarterly Reports on Form 10-QSB, and Current Reports on Form 8-K. DATASOURCE: Sterling Bank CONTACT: Robert H. King, President, +1-856-273-5900, , or R. Scott Horner, Executive Vice President, +1-856-273-5900, Web site: http://www.sterlingnj.com/

Copyright