""Universal Mortgage, Inc."":http://universalmortgageinc.com/, has been acquired by ""Sterling Bancorp"":http://www.sterlingbancorp.net/ and its subsidiary, ""Sterling National Bank"":http://www.sterlingnationalbank.com/. Through the agreement between the New York-based companies, Universal's principals and their related teams will join Sterling's mortgage lending operations.[IMAGE]
Louis J. Cappelli, Sterling Bancorp's chairman and CEO stated, ""We are acquiring a strong source of mortgage production that will complement our existing mortgage banking business and[COLUMN_BREAK]
further enhance our significant level of noninterest income. At the same time, Universal's offices give us our first physical presence in Brooklyn ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô expanding our market footprint into fast-growing areas that have a high demand for a range of financial services beyond mortgages.
""We look forward to the opportunity to work with the Universal team and to introduce Sterling's array of products to Universal's customers, as well as other businesses and residents in Brooklyn,"" Cappelli added.
Weighing in on the transaction, the founder of Universal, Norman Calvo, said, ""We have had a great working relationship with many of the people at Sterling that goes back more than two decades, and we share a philosophy of exceptional customer service.""
Universal principal Edward Ades also contributed his commentary, noting, ""Joining forces with Sterling brings the advantages of a strong capital base, portfolio of products and services, and an 80-plus year commitment to the needs of customers in the New York City metropolitan area that will enable the Universal team to realize additional opportunities for growth.""