An unknown buyer acquired Non Performing and Chronically Delinquent Residential Real Estate Loans of Sterling Bancorp, Inc. (Southfield, MI) for $36.1 million.
May 30, 2023
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An unknown buyer acquired Non Performing and Chronically Delinquent Residential Real Estate Loans of Sterling Bancorp, Inc. (Southfield, MI) (NasdaqCM:SBT) for $36.1 million on May 26, 2023. The pool consisted of 84 loans with an aggregate unpaid principal balance of approximately $43.5 million. The transaction, with an institutional investor, closed on Friday, May 26, 2023, and the Company realized net proceeds of $36.1 million which was modestly better than the $35.3 million estimated fair value of these loans recorded in held for sale at March 31, 2023.
An unknown buyer completed the acquisition of Non Performing and Chronically Delinquent Residential Real Estate Loans of Sterling Bancorp, Inc. (Southfield, MI) (NasdaqCM:SBT) on May 26, 2023.
Sterling Bancorp, Inc. is a unitary thrift holding company. It operates through Sterling Bank and Trust, F.S.B. (the Bank). The Bank originates commercial real estate loans and commercial and industrial loans, and provides deposit products, including checking, savings and term certificate accounts. It also engages in mortgage banking activities and, as such, acquires, sells and services residential mortgage loans. It offers a variety of commercial loan products, such as commercial real estate loans, construction loans and commercial and industrial loans. It offers traditional depository products, including checking, savings, money market, individual retirement accounts and certificates of deposits, to individuals and businesses throughout its market areas. It operates through a network of 27 branches, of which 25 branches are located in the San Francisco and Los Angeles, California metropolitan areas, with the remaining branches located in New York, New York and Southfield, Michigan.
An unknown buyer acquired Non Performing and Chronically Delinquent Residential Real Estate Loans of Sterling Bancorp, Inc. (Southfield, MI) for $36.1 million.
STERLING BANCORP, INC. (SOUTHFIELD, MI) 
