{"id":765601,"date":"2023-06-22T16:26:06","date_gmt":"2023-06-22T20:26:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sec-concludes-investigation-of-sterling\/"},"modified":"2023-06-22T16:26:06","modified_gmt":"2023-06-22T20:26:06","slug":"sec-concludes-investigation-of-sterling","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sec-concludes-investigation-of-sterling\/","title":{"rendered":"SEC Concludes Investigation of Sterling"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>SEC Concludes Investigation of Sterling<\/b><\/p>\n<p>SOUTHFIELD, Mich.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nSterling Bancorp, Inc. (NASDAQ: SBT) (the \u201cCompany\u201d), the holding company of Sterling Bank and Trust, F.S.B. (the \u201cBank\u201d), today announced it received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) informing the Company that the Division of Enforcement had concluded its investigation of the Company and does not intend to recommend an enforcement action by the SEC against the Company. As previously disclosed, the Company understands that the SEC investigation related to accounting, financial reporting and disclosure matters, as well as the Company\u2019s internal controls, related to the Company\u2019s now-terminated Advantage Loan Program.\n<\/p>\n<p><b>About Sterling Bancorp, Inc.<\/b><\/p>\n<p>\nSterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City. Sterling offers a range of loan products as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sterlingbank.com&amp;esheet=53429043&amp;newsitemid=20230622659898&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sterlingbank.com&amp;index=1&amp;md5=44c7395c24ae007ce7d5376fc663b85d\">http:\/\/www.sterlingbank.com<\/a>.\n<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains certain statements that are, or may be deemed to be, \u201cforward-looking statements\u201d within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the Company\u2019s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cattribute,\u201d \u201ccontinue,\u201d \u201cwill,\u201d \u201canticipate,\u201d \u201cseek,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cprojection,\u201d \u201cgoal,\u201d \u201ctarget,\u201d \u201coutlook,\u201d \u201caim,\u201d \u201cwould\u201d and \u201cannualized,\u201d or the negative versions of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and they are based on current expectations, estimates and projections about our industry, management&#8217;s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. The risks, uncertainties and other factors detailed from time to time in our public filings, including those included in the disclosures under the headings \u201cCautionary Note Regarding Forward-Looking Statements\u201d and \u201cRisk Factors\u201d in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2023, subsequent periodic reports and future periodic reports, could affect future results and events, causing those results and events to differ materially from those views expressed or implied in the Company\u2019s forward-looking statements. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. The Company disclaims any obligation to update, revise, or correct any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230622659898r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230622659898\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230622659898\/en\/<\/a><\/span><\/p>\n<p>\nSterling Bancorp, Inc.<br \/>\n<br \/>Karen Knott<br \/>\n<br \/>Executive Vice President and Chief Financial Officer<br \/>\n<br \/>(248) 359-6624<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:kzaborney@sterlingbank.com\">kzaborney@sterlingbank.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Michigan<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230622659898\/en\/626010\/3\/sbc-2.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>SEC Concludes Investigation of Sterling SOUTHFIELD, Mich.&#8211;(BUSINESS WIRE)&#8211; Sterling Bancorp, Inc. (NASDAQ: SBT) (the \u201cCompany\u201d), the holding company of Sterling Bank and Trust, F.S.B. (the \u201cBank\u201d), today announced it received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) informing the Company that the Division of Enforcement had concluded its investigation of the Company and does not intend to recommend an enforcement action by the SEC against the Company. As previously disclosed, the Company understands that the SEC investigation related to accounting, financial reporting and disclosure matters, as well as the Company\u2019s internal controls, related to the Company\u2019s now-terminated Advantage Loan Program. About Sterling Bancorp, Inc. Sterling Bancorp, Inc. is a unitary thrift &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sec-concludes-investigation-of-sterling\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SEC Concludes Investigation of Sterling&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-765601","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Concludes Investigation of Sterling - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sec-concludes-investigation-of-sterling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Concludes Investigation of Sterling - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SEC Concludes Investigation of Sterling SOUTHFIELD, Mich.&#8211;(BUSINESS WIRE)&#8211; Sterling Bancorp, Inc. (NASDAQ: SBT) (the \u201cCompany\u201d), the holding company of Sterling Bank and Trust, F.S.B. (the \u201cBank\u201d), today announced it received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) informing the Company that the Division of Enforcement had concluded its investigation of the Company and does not intend to recommend an enforcement action by the SEC against the Company. As previously disclosed, the Company understands that the SEC investigation related to accounting, financial reporting and disclosure matters, as well as the Company\u2019s internal controls, related to the Company\u2019s now-terminated Advantage Loan Program. About Sterling Bancorp, Inc. 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(NASDAQ: SBT) (the \u201cCompany\u201d), the holding company of Sterling Bank and Trust, F.S.B. (the \u201cBank\u201d), today announced it received a letter from the Division of Enforcement of the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) informing the Company that the Division of Enforcement had concluded its investigation of the Company and does not intend to recommend an enforcement action by the SEC against the Company. As previously disclosed, the Company understands that the SEC investigation related to accounting, financial reporting and disclosure matters, as well as the Company\u2019s internal controls, related to the Company\u2019s now-terminated Advantage Loan Program. About Sterling Bancorp, Inc. 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