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STERLING BANCORP OCTOBER EARNINGS; 'THE ECONOMY AND CONSUMER CONFIDENCE WILL IMPROVE IF LEADERS IN BUSINESS, BANKS & WASHINGTON UNIT,' SILBERT

STERLING BANCORP OCTOBER EARNINGS; 'THE ECONOMY AND CONSUMER CONFIDENCE WILL IMPROVE IF LEADERS IN BUSINESS, BANKS & WASHINGTON UNIT,' SILBERT
 NEW YORK, Nov. 22 /PRNewswire/ -- Sterling Bancorp (NYSE: STL) and its principal subsidiary, Sterling National Bank reported a rapid turnaround to a modestly profitable month which ended Oct. 31, 1991, notwithstanding a single credit loss reported in the third quarter which caused a loss for the nine months ended Sept. 30.
 At the directors meeting on the occasion of the 45th anniversary since Sterling Bancorp became a public company, Theodore H. Silbert, chairman, a leading bank spokesman stated that, "The time has arrived to unite differences in opinions and effect improvement in the economy to prove that the free enterprise system can heal itself in the near future, especially since the recession has persisted since July 1990 with mounting unemployment. We need the cooperation of all key decision makers to effect improvement in consumer confidence."
 Sterling Bancorp declared its 184th consecutive quarterly cash dividend since it became a publicly owned company. It was then known as Standard Factors Corporation. The chairman stated, "our management is proud of its payment record of uninterrupted cash dividends since 1946 during recessions and prosperous years.
 Addressing directors, Silbert noted "to stimulate the economy there is 'no quick fix.'" The economy should improve if carping criticism among business, bankers and political leaders is eliminated. The time has arrived to promptly initiate constructive economic programs."
 STERLING NATIONAL BANK & TRUST COMPANY OF NEW YORK
 Principal Subsidiary of Sterling Bancorp
 Selected Data & Ratios Sept. 30, 1991
 -- Primary Capital (Shareholders' Equity and Loan Loss Reserve):
 $81,400,000
 -- Total risk based capital ratio: 33 percent, four times
 regulatory minimum requirement of 7.25 percent
 -- Tier 1 capital: 32 percent of total risk-weighted assets:
 current regulatory minimum is 3.63 percent
 -- Shareholders equity to total assets: 16.5 percent
 -- In terms of capital, Sterling Bank is in the top 3 percent of all
 U.S. commercial banks
 -- Liquid assets (cash, deposits with banks, U.S. treasuries and
 federal funds sold): 62.9 percent of total deposits
 -- Non-performing loans as a percentage of total assets:
 0.95 percent
 -- No leveraged buyout loans (LBOs).
 -- No loans to developing countries (LDCs).
 -- No highly leveraged transactions (HLTs).
 -- No long term debt.
 -- No brokered deposits.
 Sterling national Bank continues to maintain a fortress balance sheet with strong capital and liquidity.
 -0- 11/22/91
 /CONTACT: Louis J. Cappalli, senior executive vice president, or Theodore H. Silbert, chairman, of Sterling Bancorp., 212-826-8000/
 (STL) CO: Sterling Bancorp ST: New York IN: FIN SU: ERN KD-SM -- NY071 -- 6542 11/22/91 17:10 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 22, 1991
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