March 17, 2010 (FinancialWire) — Sterling Bancorp (NYSE: STL) said it plans to publicly offer around 5.1 million common shares of the company in an underwritten offering. Stifel, Nicolaus is the sole book-running manager.

The company plans to grant the underwriters a 30-day option to purchase up to an additional roughly 750,000 common shares to cover any over-allotments.

Sterling said that the net proceeds from the offering will qualify as tangible common equity and Tier 1 regulatory capital, and will be used by the company for general corporate purposes.

New York-based Sterling Bancorp is a banking and financial services company whose principal banking subsidiary, Sterling National Bank, serves businesses, professionals and individuals in the NY metropolitan area and elsewhere.

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