Sterling Bancorp Inc. in Southfield, the bank holding company of Sterling Bank and Trust, says its indirect wholly owned subsidiary, Quantum Capital Management, has agreed to sell substantially all of its assets, which consist primarily of client advisory agreements.
The buyer and transaction price were not disclosed. The closing of the transaction is subject to customary closing conditions, including third-party consents, and is expected to occur before year-end.
“The sale of the Quantum assets and our exit from this business represents another step toward the streamlining of our business lines to focus on the bank’s core competencies,” says Thomas M. O’Brien, chairman, president, and CEO of Sterling Bancorp. “Additionally, we believe this transaction offers the Quantum employees and clients a more attractive platform from which to conduct their business.”
In connection with the execution of the asset purchase agreement, Peter Sinatra, CEO of Quantum, has resigned from the Quantum and Sterling Bancorp boards of directors as well as from all other positions with Quantum, the company, the bank, and each of their subsidiaries and affiliates, effective upon the closing of the transaction.