STNJ Sterling Bank (MM)

Sterling Bank Commences Public Offering MOUNT LAUREL, N.J., April 27 /PRNewswire-FirstCall/ -- Sterling Bank (NASDAQ:STNJ) announced today that it had commenced a public offering of 1,250,000 shares of its common stock. Janney Montgomery Scott LLC is the managing underwriter of the firm commitment offering. The Bank has granted to the underwriters a 30-day option to purchase up to 187,500 additional shares of common stock to cover over-allotments, if any. The common stock trades on the Nasdaq Small Cap Market under the symbol "STNJ." Robert H. King, President and Chief Executive Officer of Sterling Bank, said, "The net proceeds from the offering will provide Sterling Bank with funds which will enable us to continue to grow our business, both through branch expansion and increased commercial and consumer lending." Sterling Bank is a community bank headquartered in Burlington County, New Jersey, with assets of $310 million as of March 31, 2005. Sterling Bank's main office is located in Mount Laurel, New Jersey and its five other Community Banking Centers are located in Burlington and Camden Counties in New Jersey. Additionally, Sterling Bank has announced a seventh retail branch which is planned for opening in the third quarter of 2005 in Voorhees Township, New Jersey. Sterling Bank began operations in December 1990 with the purpose of serving consumers and small to medium-sized businesses in its market area. The Bank's deposits are insured to the applicable regulatory limits per depositor by the Federal Deposit Insurance Corporation. Sterling Bank is a member of the Federal Reserve System. For additional information about Sterling Bank visit our website at http://www.sterlingnj.com/. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. A copy of the Preliminary Offering Circular dated April 27, 2005, may be obtained, when available, from the offices of Janney Montgomery Scott LLC, 1000 Atrium Way, 4th Floor, Mount Laurel, NJ 08054, Attention Marvin Ehrlich, phone: (856) 231-2548, fax: (856) 231-8394. You are urged to read the Preliminary Offering Circular carefully. This release may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements. Information about factors that potentially could affect Sterling Bank's financial results is included in the Preliminary Offering Circular for our public offering of common stock. Sterling Bank assumes no obligation to update any forward-looking information contained in this release or elsewhere, except as required under applicable law. DATASOURCE: Sterling Bank CONTACT: Robert H. King, President, +1-856-273-5900, , or R. Scott Horner, Executive Vice President, +1-856-273-5900, , both of Sterling Bank Web site: http://www.sterlingnj.com/

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