Sterling National Bank’s Acquisition of Woodforest National Bank’s Asset-based and Equipment Finance Lending Businesses

Bracewell LLP advised Woodforest National Bank on the deal

Woodforest National Bank, a national banking association based in The Woodlands, Texas, executed the sale of its asset-based and equipment finance lending businesses to Sterling National Bank, a national banking association based in Montebello, New York, in an all-cash transaction. Sterling National Bank is the subsidiary of Sterling Bancorp (NYSE: STL).

As of December 31, 2018, the balance of the commercial loans and leases outstanding to be acquired was approximately $504 million, which was comprised of $339 million in asset-based loans and $165 million in equipment finance loans.

Bracewell advised with a team including Joshua T. McNulty (Picture) William S. Anderson, Michele J. Alexander, K. Brock Bailey, Heather L. Brown, Daniel E. Hemli, Robert S. Nichols, Scott C. Sanders, Jacqueline R. Java, Nigel Wheeler, Shannon Baldwin, Ryan Davis and Tyler C. Lohse.

Involved fees earner: Michele Alexander – Bracewell; William Anderson – Bracewell; Brock Bailey – Bracewell; Shannon Baldwin – Bracewell; Heather Brown – Bracewell; Ryan Davis – Bracewell; Daniel Hemli – Bracewell; Jacqueline Java – Bracewell; Joshua McNulty – Bracewell; Robert Nichols – Bracewell; Scott Sanders – Bracewell; Nigel Wheeler – Bracewell;

Law Firms: Bracewell;

Clients: Woodforest National Bank;

Author: Ambrogio Visconti