March 6, 2018 / 2:31 PM / 5 months ago

BRIEF-Sterling Bancorp To Acquire Advantage Funding Management Including $458 Mln Loan Portfolio And Origination Platform

March 6 (Reuters) - Sterling Bancorp:

* STERLING BANCORP TO ACQUIRE ADVANTAGE FUNDING MANAGEMENT CO., INC., INCLUDING $458 MILLION LOAN PORTFOLIO AND ORIGINATION PLATFORM

* STERLING BANCORP - DEAL TO BE PAID IN CASH VIA A MIX OF CASH ON HAND, RUN-OFF OF EXISTING RESIDENTIAL MORTGAGE LOANS AND SALES OF SECURITIES

* STERLING BANCORP - EXCLUDING IMPACT OF ACCRETION INCOME ON ACQUIRED LOANS, DEAL TO BE ACCRETIVE TO NET INTEREST MARGIN & EPS TO COMMON STOCKHOLDERS

* STERLING BANCORP - THE ACQUISITION WILL RESULT IN AN INCREASE OF APPROXIMATELY $6 MILLION IN OPERATING EXPENSES IN 2018

* STERLING BANCORP - THROUGH UNIT ENTERED INTO AGREEMENT TO BUY ADVANTAGE FUNDING MANAGEMENT Source text for Eikon: Further company coverage:

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