Sterling Bancorp announced that it has launched its new Innovation Finance Group, and has tapped veteran technology bankers John Hoesley and Josh Roberts to lead it. The new group will provide a full suite of lending and banking products for growing technology companies at every development stage, including asset-based solutions, recurring revenue-based revolving lines of credit, treasury management, foreign exchange and more.
“We are excited to establish a team that can meet the needs of the rapidly expanding technology sector,” said Tom Geisel, Sterling’s corporate banking president, in a press release. “Under John and Josh’s leadership, we will provide a unique offering of efficient banking solutions to diversified companies, and facilitate their ongoing growth and development.”
Before joining Sterling, Hoesley was at CIBC Bank USA with Josh Roberts, where the two established the Innovation Banking group in 2014. Hoesley also previously led the Midwest region for Silicon Valley Bank and was a partner at Prism Capital, a middle-market provider of venture capital and mezzanine debt.
Roberts has nearly 20 years of banking experience. He was a technology banker with Wells Fargo Securities and RBC Capital Markets before launching CIBC’s Innovation Banking practice. Most recently, Roberts was a senior technology underwriter for SunTrust.
Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, offers financial services and solutions for small- to mid-sized businesses and consumers. Last month, the bank revealed its third-quarter results, showing net income to common stockholders at $120.5 million, compared to net income available to common stockholders at $94.5 million in the second quarter of 2019.
“We continued executing our strategy in the third quarter, focusing on growing our commercial businesses, transitioning our balance sheet to a more optimal mix and driving operational efficiency. In the third quarter of 2019, our adjusted net income available to common stockholders was $105.6 million, and our adjusted diluted earnings per share [EPS] available to common [stockholders was] $0.52. Our profitability metrics remained strong, including adjusted return on average tangible assets of 1.5 percent and adjusted return on average tangible common equity of 16.3 percent. We have also continued delivering on our track record of growth and profitability. Over the past five years, our adjusted EPS has grown at a compound annual growth rate (CAGR) of 18.8 percent, and our tangible book value per common share has grown at a CAGR of 15.4 percent,” said Jack Kopnisky, president and chief executive officer.