Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B., today announced the completion of the previously disclosed plan to sell nonperforming and chronically delinquent residential real estate loans, primarily consisting of Advantage Loan Program loans. The pool consisted of 84 loans with an aggregate unpaid principal balance of approximately $43.5 million. The transaction, with an institutional investor, closed on Friday, May 26, 2023, and the Company realized net proceeds of $36.1 million which was modestly better than the $35.3 million estimated fair value of these loans recorded in held for sale at March 31, 2023.
Sterling Completes the Sale of Problem Loans with Unpaid Principal Balances of $43.5 million
May 31, 2023
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