Magazine article American Banker

Sterling in N.Y. Bucks Trend with Expanded Muni Reach

Magazine article American Banker

Sterling in N.Y. Bucks Trend with Expanded Muni Reach

Article excerpt

Byline: Andrew Coen

Sterling Bancorp in Montebello, N.Y., is branching deeper into its home state with a new municipal group focused on an array of nonpublic financing services during a time when loans to bond issuers are on the decline.

The $30.5 billion-asset company, which provides financing to local government banking clients through lease-purchase agreements, direct loans and the purchase of privately placed bonds, has tapped Tammy Leisen from Capital One Financial to lead its new Long Island municipal banking team. The group also includes Karen Bauer and Caryl Caponi, who also worked in municipal finance at Capital One.

Sterling, which acquired Astoria Financial last year, has worked with local governments in New York's Hudson Valley region for more than a decade and has a separate team that provides credit to municipalities on a national level for infrastructure projects such as community lighting, solar energy and public parking. The company is also looking at expanding its municipal banking business in New Jersey.

"The attraction to the Long Island market with its strong business, consumer and municipal demographics is a continuation of our overall corporate strategy to increase market share after the merger with Astoria Bank," said Leisen, who managed a portfolio of more than 80 government clients as a senior vice president at Capital One's Melville, N.Y., office.

"Sterling considers the government banking sector in the greater New York metro market strong and viable, and an excellent place to invest the company's time and resources," Leisen added. …

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