Sterling Bancorp, Inc. (the 'Company'), the bank holding company of Sterling Bank and Trust, FSB, Southfield, Michigan (the 'Bank'), announced that its indirect wholly-owned subsidiary, QCM, LLC, doing business as Quantum Capital Management ('Quantum'), entered into an Asset Purchase Agreement to sell substantially all of its assets, which consist primarily of client advisory agreements. The closing of the transaction is subject to customary closing conditions, including third-party consents, and is expected to occur before year-end. In connection with the execution of the Asset Purchase Agreement, Mr. Peter Sinatra, CEO of Quantum, notified the Company of his resignation from the Company’s Board of Directors and the Bank’s Board of Directors, effective immediately, as well as his resignation from all other positions with the Company, the Bank, and each of their subsidiaries and affiliates, effective upon the closing of the transaction.