Sterling Bancorp, Inc. and Sterling Bank and Trust, F.S.B. Announce Executive Changes
May 08, 2020 at 07:16 am EDT
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By letter dated May 7, 2020, Thomas Lopp resigned from his positions as President and Chief Executive Officer of Sterling Bancorp, Inc. (the “Company”) and Sterling Bank and Trust, F.S.B. (the “Bank”), effective immediately. Mr. Lopp also resigned from his position as Chairman of the Board and as a member of the Boards of Directors of the Company and the Bank. Mr. Lopp indicated in his letter that he is resigning for health reasons.
The Boards of Directors of the Company and the Bank have appointed Steve Huber, current Chief Financial Officer and Treasurer of the Company and current Chief Financial Officer of the Bank, as acting President and Chief Executive Officer of the Company and the Bank, effective immediately. The Company is evaluating its alternatives in connection with the selection of its next President and Chief Executive Officer, who would also be appointed to fill the vacancy on the Boards of Directors of the Company and the Bank created by Mr. Lopp's resignation.
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.
STERLING BANCORP, INC. (SOUTHFIELD, MI) 
