Regarding the company's move into Brooklyn, Tietjen says "the area of Brooklyn that we are going into has a large concentration of professional firms, especially lawyers. We do have a fair amount of business with lawyers, accountants and other professional firms now. The CFO also expects the Universal Mortgage acquisition to give it an additional advantage because of the mortgage group's existing customer relationships. "They are going to be a source of deposits for us, even though their principal business is to originate and sell off mortgages."
Sterling Bancorp's shares rose over 2% on Thursday to close at $9.73.
-- Written by Philip van Doorn in Jupiter, Fla.
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