Sterling Bancorp, Inc.
|Company Name||Sterling Bancorp, Inc.|
On December 9, 2019, Sterling Bancorp disclosed that its subsidiary, Sterling Bank and Trust, FSB, suspended its Advantage Loan program due to an ongoing internal review of documentation on past loans and due to an implementation of “systems and controls to ensure the Bank’s policies and procedures are followed on loans originated under the program.”
On this news, the Company’s stock price fell as much as $1.23 per share, or over 13%, during intraday trading on December 9, 2019, thereby injuring investors.
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