Sterling Bank Commences Public Offering
April 27 2005 - 4:54PM
PR Newswire (US)
Sterling Bank Commences Public Offering MOUNT LAUREL, N.J., April
27 /PRNewswire-FirstCall/ -- Sterling Bank (NASDAQ:STNJ) announced
today that it had commenced a public offering of 1,250,000 shares
of its common stock. Janney Montgomery Scott LLC is the managing
underwriter of the firm commitment offering. The Bank has granted
to the underwriters a 30-day option to purchase up to 187,500
additional shares of common stock to cover over-allotments, if any.
The common stock trades on the Nasdaq Small Cap Market under the
symbol "STNJ." Robert H. King, President and Chief Executive
Officer of Sterling Bank, said, "The net proceeds from the offering
will provide Sterling Bank with funds which will enable us to
continue to grow our business, both through branch expansion and
increased commercial and consumer lending." Sterling Bank is a
community bank headquartered in Burlington County, New Jersey, with
assets of $310 million as of March 31, 2005. 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. Additionally, Sterling Bank has announced a
seventh retail branch which is planned for opening in the third
quarter of 2005 in Voorhees Township, 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. For
additional information about Sterling Bank visit our website at
http://www.sterlingnj.com/. This release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any state. A copy of
the Preliminary Offering Circular dated April 27, 2005, may be
obtained, when available, from the offices of Janney Montgomery
Scott LLC, 1000 Atrium Way, 4th Floor, Mount Laurel, NJ 08054,
Attention Marvin Ehrlich, phone: (856) 231-2548, fax: (856)
231-8394. You are urged to read the Preliminary Offering Circular
carefully. This release may contain forward-looking statements. We
caution that such statements may be subject to a number of
uncertainties and actual results could differ materially and,
therefore, readers should not place undue reliance on any
forward-looking statements. Information about factors that
potentially could affect Sterling Bank's financial results is
included in the Preliminary Offering Circular for our public
offering of common stock. Sterling Bank assumes no obligation to
update any forward-looking information contained in this release or
elsewhere, except as required under applicable law. DATASOURCE:
Sterling Bank CONTACT: Robert H. King, President, +1-856-273-5900,
, or R. Scott Horner, Executive Vice President, +1-856-273-5900, ,
both of Sterling Bank Web site: http://www.sterlingnj.com/
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