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RPT-UPDATE 1-Sterling Bancorp raises size of stock offering
March 16, 2010 / 12:14 PM / 8 years ago

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

(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)

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