| Sterling Bancorp 8 3/8% Cumulative Trust Preferred Stock Yahoo Ticker STL-PA Parent Ticker - STL Recent Price $9.88 Current Yield 8 1/2% Quarterly Dividend .21 |
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| Description Sterling Bancorp operates as the bank holding company for Sterling National Bank that provides banking and related financial services and products to customers in the United States primarily in New York, New Jersey, and Connecticut. Sterling provides business and consumer lending, asset-based financing, factoring/accounts receivable management services, equipment leasing, commercial and residential mortgage lending and brokerage, international trade financing, trust and estate administration, investment management, and investment services for commercial, industrial and financial companies, and government and non-profit entities. In addition, the company offers financing and human resource business process outsourcing support services for the temporary staffing industry, which include back-office, computer, tax, and accounting services, as well as financing to independently-owned staffing companies. As of December 31, 2009, it had 12 offices in New York; 9 offices in New York City, which include 6 branches and an international banking facility in Manhattan, and 3 branches in Queens; 2 branches in Nassau County, including 1 in Great Neck and 1 in Woodbury, New York; and 1 branch in Yonkers, New York. The company was founded in 1929 and is based in New York, New York. Commentary We consider Sterling Bancorp a community bank and with assets of about 2 billion they are a small fry in the banking industry. Sterling has been profitable all through the banking crisis although writeoffs and provisions have risen somewhat in the last year--although it looks like the worst may be behind them. Recently STL sold 69 million dollars worth of common stock which helps them by adding capital to the balance sheet--although they were already a 'well capitalized' bank----now they are very, very well capitalized. It should be noted that this trust preferred stock is very thinly traded with average daily trading volume during the last 10 days of only around 2000 shares. The shares trade between $9.75 and $10 anyone purchasing these shares should use limit pricing. These shares are callable at $10/Share at any time so it is best to only purchase at prices under $10 The companies website is here and should be visited by those considering purchasing this security. The companies latest quarterly and year end results are here. This is not a recommendation to buy any security---but is only meant to point out potential opportunities which may or may not fit an individuals investment needs. |
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