STERLING BANCORP TO RETIRE ALL 1992 DEBENTURES
STERLING BANCORP TO RETIRE ALL 1992 DEBENTURES NEW YORK, Jan. 29 /PRNewswire/ -- Theodore H. Silbert, chairman,
today announced that "pursuant to a plan approved by the directors of Sterling Bancorp (NYSE: STL), the company will prepay its $5.9 million of outstanding first series convertible subordinated debentures due July 1, 1992, and will also purchase, from time to time, other series of its convertible subordinated debentures traded on the New York Stock Exchange." Silbert said that the directors authorized up to $1 million for such purchases.
Silbert declared: "The company will benefit by the prepayment of the 1992 debentures several months in advance of their maturity and discounts on the purchase of other debentures both resulting in interest cost savings." Under the applicable provisions of the 1992 debentures, the "call" will take place early in March 1992. Funds for the debenture retirements have been provided by a $20 million special dividend from the company's virtually 100 percent owned subsidiary, Sterling National Bank & Trust Company of New York. Chairman Silbert said: "This dividend will also provide additional resources in Sterling Bancorp, while Sterling National Bank will have, through its continuing shareholders' equity, a risk-based capital ratio more than five times the regulatory minimum requirement. The dividend will have no impact on shareholders' equity of the company on a consolidated basis." Silbert also announced that recently two new directors were named to the boards of both the company and the bank: Michael Scharf, managing partner of Scharf Brothers, and Joseph M. Adamko, former managing director of the regional banking group of Manufacturers Hanover Trust Company. He further noted that "notwithstanding the single largest credit charge in the third quarter of 1991 (first time ever), the bank and the company have both returned to modest profitability, which continues to date." -0- 1/29/92 /CONTACT: Ezra J. Denerstein, president, or Theodore H. Silbert, chairman of Sterling Bancorp, 212-826-8000/ (STL) CO: Sterling Bancorp ST: New York IN: FIN SU: SM-KW -- NY067 -- 4840 01/29/92 15:19 EST
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|Date:||Jan 29, 1992|
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