Sterling Bancorp Announces Appointment of Two New Independent Directors; Sets Date for 2020 Annual Meeting
On September 22, 2020, Sterling Bancorp, Inc. (the “Company”) (NASDAQ:SBT), the bank holding company of Sterling Bank and Trust, FSB, Southfield, Michigan (the “Bank”), increased the size of the Board from nine to 11 directors and appointed Mr. Denny Kim and Mr. Steven Gallotta as directors to fill the newly-created vacancies on the Board, effective upon receipt of regulatory non-objection from the Office of the Comptroller of the Currency. Messrs. Kim and Gallotta have also been appointed to the Board of Directors of the Bank, also effective upon receipt of regulatory non-objection from the Office of the Comptroller of the Currency. Regardless of the specific date when such appointments become effective, Messrs. Kim and Gallotta have been nominated for re-election at the 2020 Annual Meeting of Shareholders of the Company, which, as described below, is scheduled to be held on November 18, 2020 (the “2020 Annual Meeting”), to serve as directors of the Company until the 2023 annual meeting of shareholders or until their earlier resignation, retirement or other termination of service.
“We are thrilled to welcome both Denny and Steve to our Board of Directors,” said Thomas O’Brien, Chairman, President and Chief Executive Officer. “Their combined years of financial and capital markets experience, along with their deep understanding of our industry, will bring fresh perspectives to our Board as we navigate our current environment and look to the future.”
Mr. Kim brings over fifteen years of financial experience to the Board. He spent the majority of his career as a Vice President at WL Ross & Co. LLC in New York City, a private equity firm, from March 2010 until the firm was wound down in April 2018. During this time, he also served as a director at Talmer Bancorp, a bank holding company, from December 2014 to August 2015. In addition, he was a board observer at Sun Bancorp on behalf of WL Ross & Co. LLC from January 2016 to January 2018 in connection with its investment in Sun Bancorp. Beginning in September 2019, Mr. Kim became the managing member and full owner of 7911 Partners LLC, an investment management firm, as well as a 50% owner of RMJ Partners LLC, a performing arts school. In addition, he is also an advisor to Gemspring Capital. Mr. Kim obtained a Bachelor of Arts from Northwestern University and a Master of Business Administration from the Tuck School of Business at Dartmouth University.