Sterling Bancorp, a bank focused on residential mortgage loans in California, announced terms for its IPO on Tuesday.
The Southfield, MI-based company plans to raise $130 million by offering 10 million shares (23% insider) at a price range of $12 to $14. At the midpoint of the proposed range, Sterling Bancorp would command a market value of $689 million.
Sterling Bancorp was founded in 1984 and booked $106 million in revenue for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol SBT. Sandler O'Neill is the sole bookrunner on the deal. It is expected to price during the week of November 20, 2017.
