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Sterling Bancorp (N.Y.) | 8.375% Cumulative Trust Preferred Securities (STL.PRA)
Prospectus exerpt: Sterling Bancorp Trust I is offering 2,200,000 preferred securities at $10 per preferred security. Sterling Bancorp Trust I will purchase 8.375% subordinated debentures of Sterling Bancorp using the proceeds from its offering of the preferred securities. The subordinated debentures have the same payment terms as the preferred securities. Full Prospectus PDF », STL Page »
| Redeemable?: | Yes | | Call Date: | 3/31/2007 (Now Trading Post Call Date) | | Maturity Date: | 3/31/2032 | | Cumulative?: | Yes | | Shares Offered: | 2,200,000 | | Overallotment: | 300,000 | | Liquidation Preference: | $10 | | Recent Market Price: | $10.66 | Premium to Liquidation Preference:
(More Preferreds Trading at a Premium ») | $0.66 (6.60%) | | Annualized Dividend: | 0.8375 | | Recent Ex-Date: | 6/12/2013 | | Current Yield: | 7.86% | | Original Coupon: | 8.375% | | Pay Period: | Quarterly | | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec |
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Sterling Bancorp is a bank holding company and a financial holding company. Through its principal subsidiary, Sterling National Bank, Co. provides a range of banking and financial products and services, including business and consumer lending, asset-based financing, residential mortgage warehouse funding, factoring/accounts receivable management services, equipment financing, commercial and residential mortgage lending and brokerage, deposit services, and trade financing, to customers primarily in New York, New Jersey and Connecticut. As of Dec 31 2012, Co. had total assets of $2,706,641,000 and total deposits of $2,274,557,000. Preferred: STL.PRA
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