March 22, 2010 (FinancialWire) — Sterling Bancorp (NYSE: STL) has closed a public offering of 8.625 million common shares at a price to the public of $8 per share, for gross proceeds of $69 million, which included 1.125 million common shares pursuant to the exercise of the underwriters' over-allotment option.

According to Sterling, 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.

Stifel, Nicolaus & Co. served as sole bookrunning manager.

New York-based Sterling Bancorp is the owner of Sterling National Bank, the company's principal banking subsidiary, which serves the needs of businesses, professionals and individuals in the NY metropolitan area and elsewhere.

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