NEW YORK, Aug. 2, 2012 /PRNewswire/ -- Sterling Bancorp (NYSE: STL) today announced that its wholly-owned, New York City-based subsidiary, Sterling National Bank, has acquired the business of Universal Mortgage, Inc., a leading residential mortgage broker in Brooklyn with offices in Brooklyn Heights and Park Slope. Universal's principals and their team, most of whom are engaged in mortgage production, will join Sterling.
"The addition of Universal Mortgage has many exciting strategic benefits for Sterling," said Louis J. Cappelli, Sterling Bancorp's Chairman and Chief Executive Officer. "We are acquiring a strong source of mortgage production that will complement our existing mortgage banking business and further enhance our significant level of noninterest income. At the same time, Universal's offices give us our first physical presence in Brooklyn – expanding our market footprint into fast-growing areas that have a high demand for a range of financial services beyond mortgages. We look forward to the opportunity to work with the Universal team and to introduce Sterling's array of products to Universal's customers, as well as other businesses and residents in Brooklyn."
"Universal Mortgage has been a pioneer in providing mortgage financing for home buyers across the vibrant and dynamic neighborhoods of Brooklyn for over 20 years. The principals of Universal, Norman Calvo and Edward Ades, consistently rank among the highest-producing mortgage brokers nationally, and will continue to lead the Universal business as part of our overall mortgage banking operation. We welcome Norman, Edward and the entire Universal team to Sterling," stated Michael Bizenov, Executive Vice President of Sterling National Bank and Division President—Residential Mortgage.
"We have had a great working relationship with many of the people at Sterling that goes back more than two decades, and we share a philosophy of exceptional customer service," noted Universal Mortgage founder Norman Calvo."Joining forces with Sterling brings the advantages of a strong capital base, portfolio of products and services, and an 80-plus year commitment to the needs of customers in the New York City metropolitan area that will enable the Universal team to realize additional opportunities for growth," added Universal principal Edward Ades. The acquisition is effective immediately. Terms of the transaction were not disclosed.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV