2023-06-15 07:37:21 ET
- Sterling Bancorp ( NASDAQ: SBT ), the holding company of Sterling Bank and Trust, F.S.B. has notified holders of 7.0% Fixed to Floating Subordinated Notes due April 2026 for redemption at 100% of the outstanding principal balance plus accrued but unpaid interest.
- The $65M subordinated notes currently bear interest equal to the three-month LIBOR rate plus 5.82%.
- The date set for redemption is July 15, 2023.
- The $65M notes principal repayment will be funded by a dividend to be paid by the Bank to the Company.
- Source: Press Release
For further details see:
Sterling Bancorp to redeem $65M subordinated notes due 2026