Sterling Bancorp Completes Acquisition of Advantage Funding

Sterling Bancorp completed the previously announced acquisition of Advantage Funding Management, a provider of commercial vehicle and transportation financing services based in Lake Success, NY. Advantage Funding was part of Macquarie’s Corporate and Asset Finance Group and a wholly-owned subsidiary of Macquarie Bank.

As of February 28, 2018, Advantage Funding had total outstanding loans and leases of $457 million, with a diversified client base across various industry sectors and geographic markets.

Jack Kopnisky, president and CEO of Sterling, said, “We are pleased to close the acquisition of Advantage Funding and welcome all of Advantage’s colleagues and clients to Sterling. This acquisition will significantly elevate Sterling’s equipment finance business while providing expanded opportunities and enhanced services to both Sterling and Advantage’s customers.”

“The Sterling and Advantage conversion teams have been working closely together to prepare for an efficient integration of Advantage’s business and operations since signing of the definitive agreement. We expect Advantage will be additive to our commercial lending capabilities and loan growth immediately,” said Thomas X. Geisel, president of Corporate Banking at Sterling National Bank.

Hovde Group served as financial advisor to Sterling Bancorp. Macquarie Capital served as financial advisor and Mayer Brown served as legal counsel to Macquarie Group.

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