Sterling Bank Sells Additional Shares In Recent Common Stock Offering
May 23 2005 - 4:23PM
PR Newswire (US)
Sterling Bank Sells Additional Shares In Recent Common Stock
Offering MOUNT LAUREL, N.J., May 23 /PRNewswire-FirstCall/ --
Sterling Bank (NASDAQ:STNJ) today announced that it has completed
its public offering of a total of 1,437,500 shares of common stock,
including the previously announced sale of 1,250,000 shares at a
price of $9.75 per share. The additional 187,500 shares represented
the full exercise of the option granted to the underwriters to
cover over-allotments. Janney Montgomery Scott LLC was the managing
underwriter of the offering. The common shares of Sterling Bank
trade on the Nasdaq Small Cap Market under the symbol "STNJ." The
net proceeds from the offering, totaling approximately $12.8
million, which includes $1.7 million received upon the closing of
the sale of the additional shares, 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 strong investor response to the
second public offering of our common stock in less than two years
is a very positive development. We are excited about the prospects
provided by the enhanced level of capital now available to the Bank
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 , or R. Scott Horner, Executive Vice President, +1-856-273-5900
or , both of Sterling Bank Web site: http://www.sterlingnj.com/
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