Sterling Bancorp, Inc. Announces Pricing of Initial Public Offering of Common Stock
Sterling Bancorp, Inc. (SBT)
Last sterling bancorp, inc. earnings: 10/28 04:07 pm
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Sterling Bancorp, Inc. ("Sterling") today announced the pricing of its initial public offering of 15,000,000 shares of its common stock at a public offering price of $12.00 per share. Sterling is offering 7,692,308 shares and the selling shareholders are offering 7,307,692 shares of Sterling's common stock. The offering is expected to result in net proceeds to Sterling of approximately $85.6 million after deducting the underwriting discount and estimated offering expenses. Sterling will not receive any proceeds from the sale of shares by the selling shareholders. In addition, the selling shareholders have granted the underwriters a 30-day option to purchase up to 2,250,000 additional shares of common stock at the public offering price. The shares are expected to begin trading on Friday, November 17, 2017 on the NASDAQ Capital Market under the symbol "SBT." Sandler O'N
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