Sterling Bank (NASDAQ:STNJ)
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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/