NEW YORK ( TheStreet) - John Millman, the president and CEO of Sterling National Bank -- the main subsidiary of Sterling Bancorp (STL - Get Report) of New York -- told TheStreet in an exclusive interview Tuesday that the bank was uniquely positioned to grow its earnings and market share amid a resurgence for small and medium-sized businesses in the bank's market area.
After reporting a 71% increase in first-quarter earnings on Tuesday,Sterling Bancorp on Wednesday announced approval from the U.S. Treasury to redeem fully redeem $42 million in preferred stock held by the government for bailout funds received through the Troubled Assets Relief Program, or TARP, in December 2008.
|Sterling National Bank president and CEO John Millman|
Sterling National Bank has a unique business model as a community bank operating in New York City, with experience in providing sophisticated services, including asset-based lending, trade financing and factoring, going back to the 1930's. The bank's small and medium-sized business customers are concentrated in service providers, including staffing services, physician groups, law firms, and other service-related companies.
In an interview with TheStreet following the first-quarter earnings report, Millman was very confident in New York's economic prospects.TheStreet: How is the lending environment evolving in the city? John Millman: We feel really good about what we're seeing in the marketplace. It's an enormous market and we have relatively small market share, so we believe with the capital we have raised