Private company

Sterling Bancorp, Inc.

In its 2025 annual report the company says: “We are a unitary thrift holding company incorporated in 1989 and headquartered in Southfield, Michigan and our primary business is the operation of our wholly-owned subsidiary, Sterling Bank. Through Sterling Bank, we currently originate commercial real estate loans and commercial and industrial loans, and provide deposit products, consisting primarily of checking, savings and term certificate accounts.”3

Last updated Oct 20, 2026.

Overview

  • IndustrySavings Institution, Federally Chartered1
  • HeadquartersSouthfield, Michigan1
  • Incorporated inMI2
  • Business addressOne Towne Square, Suite 1900, Southfield, Mi 480762
  • Filer categoryAccelerated filer, Smaller reporting company2

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We are a unitary thrift holding company incorporated in 1989 and headquartered in Southfield, Michigan and our primary business is the operation of our wholly-owned subsidiary, Sterling Bank. Through Sterling Bank, we currently originate commercial real estate loans and commercial and industrial loans, and provide deposit products, consisting primarily of checking, savings and term certificate accounts. Historically, the Company’s largest asset class has been residential mortgage loans; however, the Bank suspended all residential loan originations in early 2023. The Bank also engages in mortgage banking activities and, as such, acquires, sells and services residential mortgage loans. The Bank operates through a network of 27 branches of which 25 branches are located in the San Francisco and Los Angeles, California metropolitan areas with the remaining branches located in New York, New Yo…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

4595.3%Net margin4
19.5%Revenue growth, 20215
6.8%Return on equity6
$29.6MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Interest43¢$25.4M
  • Income tax17¢$9.6M
  • Profit40¢$23.4M

Out of $509.0K in revenue.54

Where each dollar of operating cash went, fiscal 2021

  • Capital spending4¢$1.2M
  • Kept or used elsewhere96¢$29.6M

Out of $30.7M of cash from operations.4

Financial statements

Revenue5$509.0K in 2021+15% since 2019
0$200.0K$400.0K$600.0K2019: $444.0K$444.0K20192020: $426.0K$426.0K2020−4%2021: $509.0K$509.0K2021+19%
Net income7584$23.4M in 2021−63% since 2018
-$20.0M0$20.0M$40.0M$60.0M$80.0M2018: $63.5M$63.5M20182019: $29.2M$29.2M2019−54%2020: -$13.0M-$13.0M20202021: $23.4M$23.4M2021
Fiscal year2018201920202021
Revenue$444.0K5$426.0K5$509.0K5
Interest$41.7M7$54.4M5$45.6M8$25.4M4
Income before tax$33.0M4
Income tax$25.1M7$15.6M5-$5.9M8$9.6M4
Net income$63.5M7$29.2M5-$13.0M8$23.4M4
Earnings per share$1.207$0.575-$0.268$0.474
Earnings per share (diluted)$1.207$0.575-$0.268$0.474
Shares (weighted, basic)50.0M shares4
Shares (weighted, diluted)50.1M shares4

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Corporate structure

Sterling Bancorp, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Sterling Bancorp, Inc.

  • FJ Capital Management LLC Filed SCHEDULE 13G/A on Sterling Bancorp, Inc., latest May 9, 2025 (7 filings since Feb 10, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Sterling Bancorp, Inc., latest Nov 14, 2024 (2 filings since Feb 14, 2022)
  • Michael Shawn Filed SC 13D/A on Sterling Bancorp, Inc., latest Sep 17, 2024
  • STRASBURGER & PRICE LLP Filed SC 13G/A on Sterling Bancorp, Inc., latest Jul 6, 2022
  • Sterling Bancorp, Inc. Southfield, Michigan

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Sterling Bancorp, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$22.0M6 Dec 31, 2024$23.9M6 Dec 31, 2023−8.1%
Accumulated depreciation$17.5M6 Dec 31, 2024$18.5M6 Dec 31, 2023−5.4%
Property and equipment, net$4.5M6 Dec 31, 2024$5.4M6 Dec 31, 2023−17.5%
Operating-lease assets (leased space)$10.6M6 Dec 31, 2024$11.5M6 Dec 31, 2023−7.1%

Investments

ItemLatestA year beforeChange
Debt securities available for sale$338.1M6 Dec 31, 2024$419.2M6 Dec 31, 2023−19.3%
Loans, net of allowance$1.1B6 Dec 31, 2024$1.3B6 Dec 31, 2023−14.0%
Deposits held (banks)$2.1B6 Dec 31, 2024$2.0B6 Dec 31, 2023+3.3%

Properties, in its own words

Our corporate headquarters is located at One Towne Square, Suite 1900, Southfield, Michigan 48076. In addition to our corporate headquarters, we operate 19 branch offices located in the San Francisco metropolitan area, six branch offices in the Los Angeles metropolitan area, one branch office located in New York City and one branch office located in Southfield. We lease our corporate headquarters and each of our retail branch offices at what we believe to be market rates.

Item 2 of the 10-K filed Mar 14, 2025.3

Leadership

Who has led Sterling Bancorp, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gary S. Judd2017–2019
  2. Thomas W. Lopp Jr.2020

Chair

  1. Gary S. Judd2017–2019

President

  1. Thomas W. Lopp Jr.2017–2019
  2. Michael A. Montemayor2017–2018

Chief financial officer

  1. Thomas W. Lopp Jr.2017–2019
  2. Steve Huber2019–2021
  3. Karen Knott2021–2025

Chief operating officer

  1. Thomas W. Lopp Jr.2017–2019
  2. Christine Meredith2024–2025
20202025
Board members and other officers (21)

Timeline

  1. Apr 1, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights40
  2. Mar 19, 20258-K Executive or director change41
  3. Mar 17, 20258-K Listing notice or transfer; Other events42
  4. Mar 14, 20258-K Other events43
  5. Jan 30, 20258-K Results of operations44
  6. Dec 19, 20248-K Shareholder vote; Other events45
  7. Dec 6, 20248-K Other events46
  8. Oct 30, 20248-K Results of operations47
  9. Sep 17, 20248-K Entered a material agreement; Other events48
  10. Sep 16, 20248-K Regulation FD disclosure49
  11. Sep 3, 20248-K Executive or director change50
  12. Jul 24, 20248-K Results of operations51
  13. Mar 4, 2020New chief executive Thomas W. Lopp Jr. becomes CEO13
  14. Nov 16, 2017New chief executive Gary S. Judd becomes CEO14

Calendar

When it reported results

  1. Jan 30, 2025Reported quarterly or annual results44
  2. Oct 30, 2024Reported quarterly or annual results47
  3. Jul 24, 2024Reported quarterly or annual results51
  4. Apr 24, 2024Reported quarterly or annual results52
  5. Jan 24, 2024Reported quarterly or annual results53
  6. Oct 25, 2023Reported quarterly or annual results54
  7. Jul 26, 2023Reported quarterly or annual results55
  8. May 1, 2023Reported quarterly or annual results56

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

170 filings to the SEC since October 2021: 5 annual reports, 10 quarterly reports, 47 major events, 73 insider forms, 11 large holders, 24 other. The latest 20:

  1. May 9, 2025SCHEDULE 13G/A EDGAR
  2. Apr 11, 202515-12G EDGAR
  3. Apr 1, 2025S-8 POS EDGAR
  4. Apr 1, 2025S-8 POS EDGAR
  5. Apr 1, 2025S-8 POS EDGAR
  6. Apr 1, 2025S-8 POS EDGAR
  7. Apr 1, 20258-K EDGAR
  8. Apr 1, 202525 EDGAR
  9. Mar 21, 20254 OWNERSHIP DOCUMENT EDGAR
  10. Mar 21, 20254 OWNERSHIP DOCUMENT EDGAR
  11. Mar 21, 20254 OWNERSHIP DOCUMENT EDGAR
  12. Mar 21, 20254 OWNERSHIP DOCUMENT EDGAR
  13. Mar 21, 202510-K/A EDGAR
  14. Mar 19, 20258-K EDGAR
  15. Mar 17, 20258-K EDGAR
  16. Mar 14, 202510-K EDGAR
  17. Mar 14, 20258-K EDGAR
  18. Feb 18, 20254 OWNERSHIP DOCUMENT EDGAR
  19. Feb 12, 2025SCHEDULE 13G/A EDGAR
  20. Jan 30, 20258-K EDGAR

The 170 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Sterling Bancorp, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSterling Bancorp, Inc.1
  • CIK0001680379
  • Employer ID (EIN)38-31637753
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inMichigan3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6035 Savings Institution, Federally Chartered1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressOne Towne Square, Suite 1900, Southfield, MI 480761
  • Phone248-351-34951
  • Shares outstanding52,298,918 shares as of Feb 28, 20253
  • Public float$92.1M as of Jun 30, 20243
  • AuditorCrowe LLP, Grand Rapids, Michigan PCAOB ID 173; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceAug 10, 20161
  • Filings372 in all: 4 (121), 8-K (103), 3 (31), 10-Q (21), SC 13G/A (12), DEFA14A (9), SC 13G (9), 10-K (8)1
    All 38 form types

    DEF 14A (7), S-8 (6), CORRESP (4), S-8 POS (4), 5 (3), S-1/A (3), SCHEDULE 13G/A (3), 11-K (2), 4/A (2), ARS (2), NT 10-Q (2), UPLOAD (2), 10-K/A (1), 15-12G (1), 25 (1), 424B4 (1), 8-A12B (1), CERTNAS (1), D (1), D/A (1), DEFM14A (1), DRS (1), DRSLTR (1), EFFECT (1), FWP (1), NT 10-K (1), PREM14A (1), S-1 (1), SC 13D (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 14, 2025
    Quarterly report (10-Q) Nov 7, 2024
    Proxy statement (DEF 14A) Apr 4, 2024
    Latest 8-K (8-K) Apr 1, 2025

Securities registered for trading

ClassSymbolExchange
Common StockSBTNasdaq

From the cover page of the 10-K filed Mar 14, 2025 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Sterling Bancorp, Inc. names in Item 1A of its 10-K filed Mar 14, 2025: 65 risks under these headings, as written.3

  • We face a number of significant risks and uncertainties in connection with our operations. Our business and the results of our operations could be materially adversely affected by the factors described below. The risks described below are not the only risks facing our operations. Risks and uncertainties not currently known to us or that we currently deem to be immaterial also could have a material adverse impact on our business and results of operations.
  • Risks Related to the Transaction
  • The pendency of the Transaction may adversely affect our business, financial condition, and results of operations.
  • Regulatory approvals may not be received, may take longer than expected, or may impose conditions that are not presently anticipated.
  • The Stock Purchase Agreement may be terminated in accordance with its terms, and the Transaction may not be completed.
  • Failure to complete the Transaction could negatively impact us.
  • We will be subject to business uncertainties and contractual restrictions while the Transaction is pending.
  • The Stock Purchase Agreement contains provisions that could discourage a potential competing acquiror that might be willing to pay more to acquire or merge with us.
  • Shareholder litigation could prevent or delay the completion of the Transaction or otherwise negatively impact our business and operations.
  • Risks Related to the Plan of Dissolution
  • We cannot assure you as to the timing, amount, or number of distributions, if any, to be made to our shareholders pursuant to the Plan Dissolution.
  • Our shareholders may be liable to third parties for part or all of the amount received from us in our liquidating distributions if cash reserves are inadequate.
The other 55 risks
  • Our shareholders of record will not be able to buy or sell shares of our common stock after we close our stock transfer books at the effective time of the dissolution.
  • We plan to initiate steps to exit from certain reporting requirements under the Exchange Act, which may substantially reduce publicly available information about us. If the exit process is protracted, we will continue to bear the expense of being a public reporting company despite having no source of revenue.
  • The loss of key personnel could adversely affect our ability to efficiently dissolve, delist, liquidate, and wind down.
  • Risks Related to the Economy and Financial Markets
  • As a business operating in the financial services industry, our business, financial condition and results of operations may be adversely affected in numerous and complex ways by economic conditions and fiscal and monetary policies and regulations of the federal government and the FRB.
  • Significant changes to the size, structure, powers and operations of the federal government may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition.
  • Macroeconomic and geopolitical challenges and uncertainties affecting the stability of regions and countries around the globe could have a negative impact on our business, financial condition and results of operations.
  • Changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
  • Volatility in the banking sector, triggered by the failures of several larger banks in 2023, has resulted in agency rulemaking activities and changes in agency policies and priorities that could subject the Company and the Bank to enhanced government regulation and supervision.
  • Our customer activity is affected by changes in the state of the general economy and the financial markets, a slowdown or downturn of which could adversely affect demand for our loan services and our results of operations.
  • Fiscal challenges facing the U.S. government could negatively impact financial markets which, in turn, could have an adverse effect on our financial position or results of operations.
  • Risks Related to Credit
  • Changes in economic conditions, including continued inflation and the possibility of a recession, could cause an increase in delinquencies and nonperforming assets, including loan charge offs, which could depress our net income and growth.
  • Our concentration in residential real estate loans exposes us to risks.
  • Our commercial real estate loans are subject to credit risks, including changes in operating cash flows from the underlying properties or businesses, that may adversely impact our results of operations and financial condition.
  • A substantial majority of our loans and operations are in California, and therefore our business is particularly vulnerable to a downturn in the local economies in which we operate.
  • Our allowance for credit losses may not be sufficient to cover losses in our loan portfolio, and any resulting increase in our allowance for credit losses or loan charge offs could decrease our net income.
  • Risks Related to Interest Rates
  • Future changes in interest rates could reduce our net interest income and otherwise negatively impact our financial condition and results of operations.
  • An accelerated decrease in interest rates could reduce our net interest income and otherwise negatively impact our financial condition and results of operations.
  • Risks Related to Liquidity
  • A lack of liquidity could adversely affect our financial condition and results of operations and result in regulatory limits being placed on the Company.
  • We are currently disqualified from the small offering and private placement safe harbor exemptions otherwise available under the federal securities laws, which may adversely affect our ability to offer or sell our securities and raise capital in an efficient manner.
  • We rely on external financing to fund our operations, and the failure to obtain such financing on favorable terms, or at all, in the future could materially and adversely impact our growth strategy and prospects.
  • If the market for the sale of our mortgage loans to the secondary market were to significantly contract, or if purchasers were to lose confidence in the quality of our loans, our net income would be negatively affected and our ability to manage our balance sheet would be materially and adversely affected.
  • The proportion of our deposit account balances that exceed FDIC insurance limits may expose the Bank to enhanced liquidity risk in times of financial distress.
  • Risks Related to Our Highly Regulated Industry
  • Our business is limited by the highly regulated environment in which we operate and could be adversely affected by the extensive laws and regulations that govern our activities, operations, corporate governance and accounting principles, or changes in any of them.
  • The Dodd-Frank Act may continue to affect our business, governance structure, financial condition or results of operations.
  • The CFPB has adopted strict enforcement policies in respect of the fair lending laws and the prohibition against unfair, deceptive and abusive acts and practices.
  • We are subject to stringent capital requirements.
  • We face risks related to the adoption of future legislation and potential changes in federal regulatory agency policies and priorities.
  • We are subject to the CRA and fair lending laws, and failure to comply with these laws could lead to material penalties.
  • Federal regulators periodically examine our business, and we may be required to remediate adverse examination findings.
  • The FRB or OCC may require us to commit capital resources to support the Bank.
  • Recent actions by the U.S. government regarding competition in the financial services and technology sectors may adversely impact our business.
  • Risks Related to Competition
  • Strong competition within our market areas or with respect to our products and pricing may limit our growth and profitability.
  • We are a community bank, and our reputation is critical to the success of our business but may continue to be affected by negative publicity.
  • Our guilty plea and criminal conviction pursuant to the Plea Agreement may harm our reputation, harm our ability to engage with certain third parties and disqualify us from certain safe harbor exemptions from offering or selling our securities, and the failure to comply with the terms of the Plea Agreement may subject us to further prosecution.
  • We must keep pace with technological change to remain competitive and introduce new products and services.
  • Consumers may decide not to use banks to complete their financial transactions.
  • Other Risks Related to Our Business
  • Our future success depends on our ability to identify, attract and retain key employees and other qualified personnel.
  • We face risks related to our operational, technological and organizational infrastructure.
  • If our enterprise risk management framework is not effective at mitigating risk and loss to us, we could suffer unexpected losses and our results of operations could be materially adversely affected.
  • We face significant operational risks because the financial services business involves a high volume of transactions and increased reliance on technology, including risk of loss related to cybersecurity or privacy breaches.
  • Cyberattacks, including those targeting critical infrastructure sectors, have become more frequent and sophisticated.
  • We have operational risk associated with third-party vendors and other financial institutions.
  • We depend on the accuracy and completeness of information provided by customers and counterparties.
  • We could be adversely affected by the soundness of other financial institutions and other third parties we rely on.
  • Adherence to our internal policies and procedures by our employees is critical to our performance.
  • We and our borrowers in our California communities may be adversely affected by wildfires, earthquakes, floods or other natural disasters, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • We are subject to ESG and DEI risks that could adversely affect our reputation and the market price of our securities.
  • Climate change and related legislative and regulatory initiatives may materially affect the Company’s business and results of operations.
  • Adverse conditions internationally could adversely affect our customers and business.
  • Changes in the valuation of our securities portfolio could hurt our profits and reduce our shareholders’ equity.
  • Our critical accounting policies and estimates, risk management processes and controls rely on analytical and forecasting techniques and models, management judgments and assumptions about matters that are uncertain and may not accurately predict future events.
  • Risks Related to Governance Matters
  • The Seligman family, directly and through the family’s trusts, has influenced and has the ability to continue to influence our operations and to control the outcome of matters submitted for shareholder approval and may have interests that differ from those of our other shareholders.
  • Certain provisions of our corporate governance documents and Michigan law could discourage, delay or prevent a merger or acquisition at a premium price.
  • The exclusive forum provision in our second amended and restated bylaws could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.
  • Our ability to pay dividends is restricted by applicable law and regulations and depends on the success of both Sterling Bancorp, Inc. and the Bank.

Legal proceedings

The Company and its subsidiary may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of business. Management is not aware of any material pending or threatened legal proceedings, except as set forth or incorporated by reference below, other than routine legal proceedings. The Company believes that the ultimate dispositions or resolutions of its routine legal proceedings, in the aggregate, are immaterial to its financial position, results of operations and liquidity.

Legal Proceedings and Threatened Legal Proceedings Related to the Transaction

In connection with the Transaction and following the filing of the preliminary proxy statement filed with the SEC on October 16, 2024 (the “Preliminary Proxy Statement”), the Company received certain demand letters on behalf of purported Company shareholders (the “Shareholder Demand Letters”) alleging deficiencies regarding the disclosures contained in the Preliminary Proxy Statement and definitive proxy statement filed with the SEC on November 8, 2024 (the “Definitive Proxy Statement”). Certain of these purported shareholders have requested that the Company reimburse their attorneys’ fees allegedly incurred in connection with the Shareholder Demand Letters.

The opening of Item 3, Legal Proceedings.3

Sources

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