Sterling Bank Completes Common Stock Offering
May 10 2005 - 3:10PM
PR Newswire (US)
Sterling Bank Completes Common Stock Offering MOUNT LAUREL, N.J.,
May 10 /PRNewswire-FirstCall/ -- Sterling Bank (NASDAQ:STNJ)
announced today that it has completed its public offering of
1,250,000 shares of its common stock at a price of $9.75 per share.
Janney Montgomery Scott LLC was the managing underwriter. The
common stock trades on the Nasdaq SmallCap Market under the symbol
"STNJ." The net proceeds from the offering, totaling approximately
$11.1 million, will be added to the Bank's regulatory capital and
will be used for expansion, including branch expansion, and general
corporate purposes including, but not limited to, increased
commercial and consumer lending and investment in securities. 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. "We are quite pleased to have completed a
second public offering of our common stock in less than two years.
We are also pleased with the enhanced level of capital now
available to support our continued expansion," commented Robert H.
King, President and Chief Executive Officer. 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 to be located in Voorhees Township, Camden
County, New Jersey, which is planned for opening in the third
quarter of 2005, subject to receipt of appropriate regulatory
approvals. 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. 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. Readers should carefully review the
risk factors described in the Bank's Offering Circular dated May 4,
2005, for the Bank's public offering of Common Stock and 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, 2004, Quarterly Reports on Form 10-QSB, and
Current Reports on Form 8-K. 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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