Sterling Bancorp, a bank focused on residential mortgage loans in California, filed on Thursday with the SEC to raise up to $230 million in an initial public offering.
The company is headquartered in Southfield, MI, but does most of its lending in California. It was founded in 1984 and booked $100 million in revenue for the 12 months ended June 30, 2017. Sterling plans to list on the Nasdaq but has not selected a proposed symbol. It filed confidentially on September 15, 2017. Sandler O'Neill is the sole bookrunner on the deal. No pricing terms were disclosed.
