Sterling National Bank announced it has entered into an agreement with GE Capital to acquire a portfolio with approximately $190 million of performing restaurant franchise financing loans. Borrowers within the portfolio are primarily located in Sterling’s core markets of New York, New Jersey, Pennsylvania, and Connecticut. The transaction is expected to close in the third quarter of 2016.

“The acquisition of this loan portfolio supports the continuation of our strategy to leverage existing infrastructure and expertise within commercial finance,” stated Tom Geisel, president of Sterling’s Specialty Finance Division. “These relationships will be managed within our Equipment Finance group given the loan structures and client businesses are closely aligned. Executing on our team-based delivery model, we welcome these new relationships and will work to build upon them.”