Brief: Sterling Bancorp, Inc. Enters Into Plea Agreement With DOJ, Resolves DOJ Investigation Of The Company Relating To The Advantage Loan Program Revises Fourth Quarter And Full Year 2022 Unaudited Financial Results

STERLING BANCORP

15/03/2023 21:18

March 15 (Reuters) - Sterling Bancorp Inc  SBT.O :
    * STERLING BANCORP, INC. ENTERS INTO PLEA AGREEMENT WITH
DOJ;
RESOLVES DOJ INVESTIGATION OF THE COMPANY RELATING TO THE
ADVANTAGE LOAN PROGRAM; REVISES FOURTH QUARTER AND FULL YEAR
2022 UNAUDITED FINANCIAL RESULTS
    * STERLING BANCORP INC - HAS AGREED TO PLEAD GUILTY TO ONE
COUNT
OF SECURITIES FRAUD PRIMARILY RELATING TO CERTAIN DISCLOSURES
    * STERLING BANCORP INC - PLEA AGREEMENT IS SUBJECT TO COURT
APPROVAL
    * STERLING BANCORP INC - RESOLUTION RELEASES CO, AS WELL AS
BANK,
FROM FURTHER PROSECUTION FOR SECURITIES FRAUD AND UNDERLYING
MORTGAGE FRAUD IN ALP
    * STERLING BANCORP INC - Q4 NET LOSS OF $0.37 PER DILUTED
SHARE
    * STERLING BANCORP INC - BASED ON ESTIMATED FINANCIAL IMPACT
OF
PLEA AGREEMENT, REPORTED A NET LOSS OF $14.2 MILLION FOR FY 2022
AND $18.4 MILLION FOR Q4 2022
    * STERLING BANCORP INC - COMPANY AGREED AS PART OF PLEA
AGREEMENT
NOT TO SEEK A TAX DEDUCTION FOR RESTITUTION PAYMENT
    * STERLING BANCORP INC - DOJ DETERMINED THAT AN INDEPENDENT
COMPLIANCE MONITOR IS NOT NECESSARY FOR COMPANY
    * STERLING BANCORP INC -  CURRENTLY BELIEVES THAT SEC'S
INVESTIGATION RELATED TO ALP WILL NOT RESULT IN AN ENFORCEMENT
ACTION AGAINST COMPANY
    * STERLING BANCORP INC - CONTINUES TO MAINTAIN A VERY STRONG
CAPITAL POSITION AND A HIGH RATIO OF LIQUID ASSETS TO TOTAL
ASSETS COMPARED TO INDUSTRY
    * STERLING BANCORP INC - DEPOSIT LEVELS IN Q1 OF 2023 HAVE
REMAINED RELATIVELY STABLE
    * STERLING BANCORP INC - ALSO HAVE NO BALANCE SHEET EXPOSURE
TO
CRYPTOASSET-RELATED COMPANIES OR START-UP/EARLY-CYCLE TECHNOLOGY
COMPANIES

Source text for Eikon:  ID:nBw5DkRSza 
Further company coverage:  SBT.O 

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