2020-10-15 07:04:30 SBT Sterling Bancorp
10/15/20 10/1507:04 10/15/2007:04 | Sterling Bancorp in pact to sell substantially all assets of QuantumSterling Bancorp announced that its indirect wholly-owned subsidiary, QCM,, doing business as Quantum Capital Management , entered into an Asset Purchase Agreement to sell substantially all of its assets, which consist primarily of client advisory agreements. The closing of the transaction is subject to customary closing conditions, including third-party consents, and is expected to occur before year-end.In connection with the execution of the Asset Purchase Agreement, Mr. Peter Sinatra, CEO of Quantum, notified the Company of his resignation from the Company's Board of Directors and the Bank's Board of Directors, effective immediately, as well as his resignation from all other positions with Quantum, the Company, the Bank, and each of their subsidiaries and affiliates, effective upon the closing of the transaction. "The sale of the Quantum assets and our exit from this business represents another step towards the streamlining of our business lines to focus on the Bank's core competencies. Additionally, we believe this transaction offers the Quantum employees and clients a more attractive platform from which to conduct their business. On behalf of the Company's Board, I sincerely thank Peter for his service to the Board and to Quantum," said Thomas M. O'Brien, Chairman, President, and Chief Executive Officer. |
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