Southfield-based Sterling Bancorp. Inc. today announced the pricing of its initial public offering of 15 million shares of its common stock at a public offering price of $12 per share. Sterling is offering 7,692,308 shares and the selling shareholders are offering 7,307,692 shares of Sterling’s common stock. Shares are expected to begin trading on the NASDAQ Capital Market today under the symbol SBT.
Sterling Bank is a unitary thrift holding company with primary branch operations in San Francisco and Los Angeles. Through its wholly owned subsidiary, Sterling Bank and Trust, the company offers a range of loan products to the residential and commercial markets and retail banking services.
The company was founded by real estate investor Scott Seligman in 1984 and entered the California market in the mid-1990s when the state was experiencing an economic depression. The San Francisco Business Times reports that the Seligman family will remain majority owners.
The offering is expected to result in net proceeds to Sterling of approximately $85.6 million after deducting underwriting discount and estimated offering expenses. Sterling will not receive any proceeds from the sale of shares by the selling shareholders. Additionally, the selling shareholders have granted the underwriters a 30-day option to purchase up to 2.3 million additional shares of common stock at the public offering price.
New York-based Sandler O’Neill and Partners is acting as sole book-running manager for the offering.