Sterling Bancorp's (NYSE:STL) Sterling National Bank agrees to acquire a portfolio of middle market commercial equipment finance loans and leases from Santander Bank N.A. (NYSE:SAN).
As of Sept. 30, 2019, the balance of the loans and leases outstanding to be acquired was $843M. The portfolio has a weighted average tax-equivalent yield of ~4.3% and consists mainly of fixed rate loans and leases.
The portfolio will be integrated into Sterling’s established national Equipment Finance platform, resulting in a pro forma combined portfolio of ~$2B in total loans and leases outstanding.
The deal is expected to close during Q4 2019.
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