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, K. Brock Bailey, Heather L. Brown, Daniel E. Hemli, Robert S. Nichols and Scott C. Sanders
Counsel: Jacqueline R. Java
Associates: Shannon Baldwin