Sterling Bank (NASDAQ:STNJ)
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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/