Sterling National Bank, New York, has agreed to acquire deposits and a branch office in Yonkers, N.Y., from City & Suburban FSB with the intention of expanding the facility's residential mortgage lending, among other things.The terms of the agreement were not disclosed. Sterling said the Westchester County facility will consist of a regional banking center that includes a commercial lending unit as well as the expanded residential mortgage lending facility. Sterling chairman Louis J. Cappelli said "the high concentration of entrepreneurial businesses and a surge in homebuying" in Yonkers and Westchester County represents "an important growth opportunity" for the bank. Sterling is the principal banking subsidiary of Sterling Bancorp, which can be found on the Web at http://www.sterlingbancorp.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry