Sterling Bancorp, through its principal subsidiary, Sterling National Bank, announced it has completed the previously announced acquisition of the asset-based and equipment finance lending businesses of Woodforest National Bank.

The balance of commercial loans and leases outstanding acquired was $495 million, with $331 million in asset-based loans and $164 million in equipment finance loans.

Jack Kopnisky, President and CEO of Sterling, noted, “We are pleased to close this acquisition, which is consistent with our strategy of accelerating the transition of our balance sheet to a more diversified and higher-yielding commercial loan mix, and will augment strong organic origination volumes that we anticipate in our commercial businesses in 2019. We look forward to welcoming our new colleagues and clients to Sterling.”

“The conversion teams have been working diligently to prepare for an efficient integration of the business and operations functions since signing of the definitive agreement. We look forward to delivering excellent service and financing flexibility to our national Commercial Finance clients, as we enhance our current footprint and expand our geographic reach,” said Thomas X. Geisel, President, Corporate Banking, Sterling National Bank.