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STERLING BANCORP TO REDEEM AND PREPAY ALL OF ITS OUTSTANDING FLOATING INTEREST RATE CONVERTIBLE SUBORDINATED DEBENTURES, DUE JULY 1, 1994

 NEW YORK, Dec. 17 /PRNewswire/ -- Louis J. Cappelli, chairman of the board of Sterling Bancorp (NYSE: STL), announced today that the board of directors of the company authorized prepayment and redemption of the entire outstanding issue of its Floating Interest Rate Convertible Subordinated Debentures, Second Series, due July 1, 1994, totalling $7,756,000.
 Mr. Cappelli stated, "Among the advantages to the company of redeeming and prepaying this debenture issue will be interest cost savings and the elimination of potential common share dilution of over 700,000 shares." Under the applicable provisions of the indenture governoring the debentures, debentureholders will receive advance notice of the prepayment and redemption date, set for Jan. 19, 1993, and will receive the redemption price of 100 percent of the principal amount of each debenture, plus accrued and unpaid interest to the date of redemption. Debentureholders will 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 $11.00 principal amount of debentures.
 Mr. CAppelli said the board of directors also authorized purchases from time to time, at the best available prices, of up to an additional $2 million of the remaining two outstanding debenture issues of the company, due in 1996 and in 1998. Such purchases would likewise result in the reduction of interest costs and elimination of potential common share dilution. All of the company's debentures trade on the New York Stock Exchange.
 The company's principal subsidiary is Sterling National Bank & Trust Company of New York, a New York City based commercial bank which was recently awarded a commendation for safety and soundness by Veribanc, a leading rating firm.
 -0- 12/17/92
 /CONTACT: Louis J. Cappelli, chairman, or John C. Hillman, executive vice president, of Sterling Bancorp, 212-826-8000/
 (STL)


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

KD-KW -- NY065 -- 7718 12/17/92 13:30 EST
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Publication:PR Newswire
Date:Dec 17, 1992
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