March 21, 2010 (FinancialWire) — Sterling Bancorp (NYSE: STL) has priced an underwritten public offering of 7.5 million common shares at a price to the public of $8.00 per share.

The offering is scheduled to close on March 19, 2010. The offering was increased from a previously reported offering of around 5.1 million common shares.

Sterling said the 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 with posted assets of more than $2.1 billion. The company's principal banking subsidiary, Sterling National Bank, serves businesses, professionals and individuals in the NY metropolitan area and elsewhere.

Sterling offers working capital lines, asset-based financing, factoring, accounts receivable financing and management, payroll funding and processing, equipment leasing and financing, commercial and residential mortgages, import trade financing, a wide array of depository products and cash management services, trust and estate administration and custodial account services.

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