SHAREHOLDER ALERT: Sterling Bancorp, Inc. (SBT) Officers and Directors Under Investigation for Allegedly Misleading Statements Concerning Advantage Loan Program
Sterling Bancorp, Inc. (SBT)
Last sterling bancorp, inc. earnings: 10/28 04:07 pm
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Source: PR Newswire
SAN FRANCISCO, April 23, 2020 /PRNewswire/ -- Schubert Jonckheer & Kolbe LLP is investigating potential shareholder derivative claims on behalf of stockholders of Sterling Bancorp, Inc. (NASDAQ: SBT) related to the company's statements regarding its Advantage Loan Program – formerly the company's largest and most profitable line of business.According to Sterling's 2018 Form 10-K, the Advantage Loan Program was a product consisting of "one, three, five, or seven-year adjustable rate mortgages" offered to "underserved home buyers who have good credit, but may have limited credit history." As of December 31, 2018, the Advantage Loan Program constituted 80% of Sterling's residential loan portfolio. On December 9, 2019, Sterling disclosed that it was suspending its Advantage Loan Program "in connection with an ongoing internal review of the program's documentation procedures." That announcement followed a June 21, 2019 disclosure that the company had entered into an agreement with the Offi
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