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STERLING BANCORP ANNOUNCES SPECIAL LOAN PROGRAM FOR COMPANIES HIT BY WORLD TRADE CENTER BOMBING

 NEW YORK, March 3 /PRNewswire/ -- Sterling Bancorp (NYSE: STL), whose principal subsidiary is Sterling National Bank & Trust Company of New York, today announced that it has developed a special loan product to help companies displaced by last week's bombing at the World Trade Center continue to operate on a business-as-usual basis.
 Louis J. Cappelli, chairman, president and chief executive officer and a member of the Mayor's Council of Economic Advisors, said: "Following yesterday's announcement by the Port Authority that the Twin Towers may not reopen as quickly as previously anticipated, we decided to do what we could to prevent last week's human tragedy from becoming an economic disaster as well.
 "Accordingly, we have developed the Sterling WTC Short-term Emergency Loan Program, which will make below-market-rate loans of $50,000 to $10 million available to qualified middle-market borrowers directly affected by last week's bombing. Loans under the program will be processed within 48 hours of application completion, and can be scheduled to mature 90 days after the borrower's reoccupation of its World Trade Center offices.
 "We have allocated $25 million for the Sterling WTC Emergency Short- term Loan Program. In this way, we hope to demonstrate our support for the city we love, and in which we have been doing business for more than sixty years," Mr. Cappelli said.
 Companies wishing to apply for loans under the program may call the Sterling WTC Short-term Emergency Loan hotline at 212-826-2270.
 Sterling National Bank & Trust Company of New York, with offices in Manhattan and Queens, has been serving the banking needs of middle- market companies and high-net-worth individuals in the New York area since 1929.
 -0- 3/3/93
 /CONTACT: Roy Winnick or Robert Siegfried of Kekst and Company, 212-593-2655, for Sterling Bancorp/
 (STL)


CO: Sterling Bancorp ST: New York IN: FIN SU:

AH-OS -- NY069 -- 2568 03/03/93 15:14 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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