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Sterling Grows Loans as Earnings Rise

The types of service firms that Sterling focuses on include law firms, real estate management companies, not-for-profit companies and staffing agencies.

Millman added that "approximately 80% of the loan growth is from new client relationships," and that the "sweet spot" for the loan growth is "companies with credit needs between $3 and $10 million dollars. We find that that is an under-served market place."

Millman says that the lending market in New York City is "a very resilient market with tremendous density of small and mid-sized businesses," and with Sterling having such a small market share, "the opportunity for market growth is essentially unlimited for us. That's coupled with the fact that a number of banks are less interested in lending to small and midsized companies than we are."

-- Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

To submit a news tip, send an email to: tips@thestreet.com.
Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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