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STERLING BANCORP TO REDEEM AND PREPAY ALL OF ITS OUTSTANDING FLOATING RATE CONVERTIBLE SUBORDINATED DEBENTURES, DUE JULY 1, 1992

 STERLING BANCORP TO REDEEM AND PREPAY ALL OF ITS OUTSTANDING FLOATING RATE CONVERTIBLE SUBORDINATED DEBENTURES, DUE JULY 1, 1992
 NEW YORK, Feb. 5 /PRNewswire/ -- Sterling Bancorp (NYSE: STL) announced today it will redeem and prepay all of its outstanding floating rate convertible subordinated debentures, due July 1, 1992. The redemption date will be March 6, 1992.
 The United States Trust Company of New York is both indenture trustee and paying agent on the issue. The redemption price will be 100 percent of the principal amount of each debenture, plus accrued and unpaid interest to the date of redemption. Interest will cease to accrue after the redemption date, March 6, 1992.
 Debenture holders retain the right until the close of business on the redemption date to convert their debentures into common shares of the company at a conversion rate of one common share for each $9.00 principal amount of debentures. The debentures trade on the New York Stock Exchange.
 -0- 2/5/92
 /CONTACT: Ezra J. Denerstein, president, or Theodore H. Silbert, chairman, both of Sterling Bancorp, 212-826-8000/
 (STL) CO: Sterling Bancorp ST: New York IN: FIN SU:


JT-CK -- NY044 -- 7178 02/05/92 12:20 EST
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Publication:PR Newswire
Date:Feb 5, 1992
Words:197
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