Sterling National Bank reports record growth in equipment finance
U.S.--The Equipment Finance division of Sterling National Bank, the principal subsidiary of Sterling Bancorp, finished the fourth quarter of 2014 with a record $310 million in new business transactions in addition to portfolio growth of 54 per cent rising from $270 million to $412 million.
“Our streamlined credit approval process and team-based service model helped us to achieve record portfolio growth in FY 2014,” says Keith Smith, senior managing director, Sterling National Bank. “As the bank continues to grow, we have expanded our lending to all industries and are serving clients of all sizes nationwide, with a specialized focus on the Middle Market.
Sterling’s Equipment Finance division has seen steady growth over the past several years. Sterling offers terms from 12 months to 84 months to meet the needs of both small portfolios and larger transactions.
“As our portfolios continue to grow, we have been able to maintain an extremely low rate of delinquency,” added Smith. “Looking forward, it is our goal to continue expanding our team and executing timely and efficient services for customers who are looking to finance their equipment needs.”