Sterling Bancorp, Inc. Settles Securities Class Action Lawsuit

Sterling Bancorp, Inc. (the “Company”) (NASDAQ: SBT), the thrift holding of Sterling Bank and Trust, FSB, Southfield, Michigan (the “Bank”), announced today that the Company has reached an agreement in principle Classification of the Oklahoma Police Department’s Benten and Pension Scheme against Sterling Bancorp, Inc. et al., Case No. 5: 20-cv-10490-JEL-EAS, pending in the US District Court for the Eastern District of Michigan. That lawsuit pertained to violations of federal securities laws, primarily with respect to disclosures regarding the bank’s residential real estate lending practices, which are filed with the SEC in the company’s registration statement and prospectus in subsequent press releases, periodic and otherwise Documents were included and during calls for prizes. The agreement, in principle, provides for a single cash payment in exchange for the release of all defendants from any alleged claims contained therein and is subject to final documentation, judicial approval and other terms. The full amount of the bill is paid by the company’s insurance carriers under the applicable insurance policies.

About Sterling Bancorp, Inc.

Sterling Bancorp, Inc. is a unified thrift holding company. Wholly owned subsidiary Sterling Bank and Trust, FSB, has headquarters in San Francisco and Los Angeles, California, New York City and Bellevue, Washington. Sterling offers a range of credit products for the residential and commercial markets, and for personal and commercial banking services. Sterling also has an operations center and office in Southfield, Michigan. For more information, please visit the company’s website at http://www.sterlingbank.com.

Forward-Looking Statements

This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are amended with respect to plans, expectations, thoughts, beliefs, estimates , Future goals and prospects for the Company to be covered by the safeguards provided by the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology such as “will”, “may”, “expect”, “anticipate”, “believe”, “likely”, “continue”, “project”, “could”, ” would, “should,” “or similar terminology, including references to assumptions. Forward-looking statements are based on management’s expectations and certain assumptions and estimates made by management and information available to management at the time. These statements are No guarantee of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. The risks, uncertainties and other factors which appear from time to time in our public records including those set out in the disclosures under the headings “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K The following periodic reports and future periodic reports filed with the SEC on October 6, 2020 Submissions made could affect future results and events and could cause such results and events to differ materially from the views expressed or implied in the company’s forward-looking statements. Should one or more of the above risks materialize, or should the underlying assumptions prove incorrect, actual results or results may differ materially from those projected or implied in such forward-looking statements. The company disclaims any obligation to update, revise or correct any forward-looking statements that are based on future events, the receipt of new information, or otherwise.

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contacts

Sterling Bancorp, Inc.
Stephen Huber
CFO
(248) 351-3428
shuber@sterlingbank.com

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