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. Zilay Wahidy, President of the acquired businesses, will continue to head those operations as Managing Director of Sterling Trade Capital and will also become a Senior Vice President of Sterling National Bank.

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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