RPT-UPDATE 1-Sterling Bancorp raises size of stock offering

Tue Mar 16, 2010 9:08am EDT

(Repeats without any changes to text)

* Prices offering of 7.5 mln shrs at $8/shr

* Offering size raised by 47 pct

March 16 (Reuters) - Regional lender Sterling Bancorp (STL.N) raised the size of its common share offering by 47 percent that was priced at $8 apiece.

The New York-based company raised the size of its share offering to 7.5 million from 5.1 million and priced it at a 2 percent discount to the stock's Monday close.

The proceeds from the offering will be used for general corporate purposes and will qualify as tangible common equity and Tier 1 regulatory capital, it said in a statement.

Sterling Bancorp granted the underwriters a 30-day option to purchase up to an additional 1.1 million shares.

Shares of the company were up 9 cents at $8.27 Tuesday before the bell. They closed at $8.18 Monday on the New York Stock Exchange. (Reporting by Abhinav Sharma in Bangalore; Editing by Anil D'Silva)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video