New York-based Sterling National Bank has acquired the business of Universal Mortgage Inc., a residential mortgage broker based in Brooklyn. Universal's principals and their team, most of whom are engaged in mortgage production, will join Sterling.
‘The addition of Universal Mortgage has many exciting strategic benefits for Sterling,’ says Louis J. Cappelli, chairman and CEO of Sterling Bancorp, the bank's parent company. ‘We are acquiring a strong source of mortgage production that will complement our existing mortgage banking business and further enhance our significant level of noninterest income. At the same time, Universal's offices give us our first physical presence in Brooklyn – expanding our market footprint into fast-growing areas that have a high demand for a range of financial services beyond mortgages.’
The acquisition is effective immediately. Terms of the transaction were not disclosed.