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Bracewell Represents Woodforest National Bank in Agreement to Sell Asset-Based and Equipment Finance Lending Businesses to Sterling National Bank

HOUSTON – Bracewell LLP is representing Woodforest National Bank, a national banking association based in The Woodlands, Texas, in connection with the proposed sale of its asset-based and equipment finance lending businesses to Sterling National Bank, a national banking association based in Montebello, New York, in an all-cash transaction. Sterling National Bank is the subsidiary of Sterling Bancorp (NYSE: STL).

As of December 31, 2018, the balance of the commercial loans and leases outstanding to be acquired was approximately $504 million, which was comprised of $339 million in asset-based loans and $165 million in equipment finance loans.

Bracewell lawyers involved in this transaction include:

Partners: Joshua T. McNulty, William S. Anderson, Michele J. Alexander, K. Brock Bailey, Heather L. Brown, Daniel E. Hemli, Robert S. Nichols and Scott C. Sanders

Counsel: Jacqueline R. Java

Associates: Nigel Wheeler, Shannon Baldwin, Ryan Davis and Tyler C. Lohse