Sterling Bancorp Announces Nasdaq Notification of Deficiency

Sterling Bancorp, Inc. (NASDAQ: SBT) (the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), dated March 18, 2020, notifying the Company that it no longer complies with Nasdaq’s continued listing requirements under the timely filing criteria set forth in Listing Rule 5250(c)(1) as a result of the Company not filing its Annual Report on Form 10-K for the year ended December 31, 2019 (the “Annual Report”) within the prescribed period. Nasdaq stated in its notification that the Company has 60 calendar days, or until May 18, 2020, to submit a plan to regain compliance. If Nasdaq accepts the Company’s plan, it can grant an exception of up to 180 calendar days from the Annual Report’s due date, or until September 14, 2020, to regain compliance. If Nasdaq does not accept the Company’s plan, the Company would have the opportunity to appeal that decision to a Nasdaq Hearings Panel and to request a further stay pending the appeal. The Company intends to submit a plan of compliance on or before the May 18, 2020 deadline. Nasdaq’s notification has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market.

As the Company previously disclosed in a Notification of Late Filing on Form 12b-25 (the “12b-25”) filed with the Securities and Exchange Commission (the “SEC”) on March 17, 2020, the delay in filing the Annual Report is to allow for time needed to complete (i) additional review and procedures, including on the part of the Company’s independent auditors, relating to the circumstances that led to the previously-reported suspension and termination of the Bank’s Advantage Loan Program (the “Advantage Loan Program”) and related matters, and (ii) an ongoing internal review relating to the discontinued Advantage Loan Program, which review is being led by outside legal counsel under the direction of a special committee of independent directors (the “Special Committee”), as announced in the Company’s Form 8-K filed with the SEC on March 6, 2020. The Company intends to file the Annual Report as soon as practicable upon completion of the additional review and procedures and internal review.