STERLING BANCORP ANNOUNCES AGREEMENT TO ACQUIRE FACTORING AND IMPORT TRADE FINANCING BUSINESS

Sterling Factors Corporation subsidiary has agreed to acquire substantially all the businesses of DCD Capital, LLC and DCD Trade Services, LLC. The businesses to be acquired provide factoring, import trade financing and accounts receivable management services.

Based in New York City, the acquired businesses serve clients in a variety of industries, with an emphasis on companies engaged in the import trade. The acquired businesses will operate as Sterling Trade Capital.

The Company noted that the Sterling Trade Capital division will complement the strong product and service portfolio of Sterling Factors Corporation, Sterling’s existing factoring subsidiary, which is headed by its President, John La Lota.

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