Sterling Bancorp, Inc. (SBT) Suspends its Subsidiary's Loan Program

On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans as well as an implementation of "systems and controls to ensure the Bank's policies and procedures are followed on loans originated under the program." The Company admitted that it anticipates "a reduced level of near-term loan originations, slower overall loan portfolio growth, and less loan sales." Since this news, Sterling Bancorp's stock price has declined 25% from its December 9, 2019 opening price of $9.40, currently trading at around $7.