Sterling Bancorp, Inc. and Sterling Bank and Trust, FSB Announce Board Resignations
October 15, 2020 at 07:00 am EDT
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Sterling Bancorp, Inc. (the 'Company'), the bank holding company of Sterling Bank and Trust, FSB, Southfield, Michigan (the 'Bank'), announced that its indirect wholly-owned subsidiary, QCM, LLC, doing business as Quantum Capital Management ('Quantum'), entered into an Asset Purchase Agreement to sell substantially all of its assets, which consist primarily of client advisory agreements. The closing of the transaction is subject to customary closing conditions, including third-party consents, and is expected to occur before year-end. In connection with the execution of the Asset Purchase Agreement, Mr. Peter Sinatra, CEO of Quantum, notified the Company of his resignation from the Company’s Board of Directors and the Bank’s Board of Directors, effective immediately, as well as his resignation from all other positions with the Company, the Bank, and each of their subsidiaries and affiliates, effective upon the closing of the transaction.
Sterling Bancorp, Inc. is a unitary thrift holding company. It operates through Sterling Bank and Trust, F.S.B. (the Bank). The Bank originates commercial real estate loans and commercial and industrial loans, and provides deposit products, including checking, savings and term certificate accounts. It also engages in mortgage banking activities and, as such, acquires, sells and services residential mortgage loans. It offers a variety of commercial loan products, such as commercial real estate loans, construction loans and commercial and industrial loans. It offers traditional depository products, including checking, savings, money market, individual retirement accounts and certificates of deposits, to individuals and businesses throughout its market areas. It operates through a network of 27 branches, of which 25 branches are located in the San Francisco and Los Angeles, California metropolitan areas, with the remaining branches located in New York, New York and Southfield, Michigan.