Sterling Bancorp, New York, this week confirmed that it has acquired Universal Mortgage Inc., a mortgage brokerage firm that has its offices in Brooklyn. Terms of the deal were not disclosed.
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Louis J. Cappelli, chairman and CEO of Sterling, said the deal gives his bank its “first physical presence in Brooklyn, expanding our market footprint into fast-growing areas that have a high demand for a range of financial services beyond mortgages.”
Universal’s offices are in Brooklyn Heights and Park Slope.
Universal’s principals, Norman Calvo and Edward Ades, will continue to lead the business “as part of our overall mortgage banking operation,” said Michael Bizenov, Sterling’s division president in charge of residential mortgages.
