Source: Sterling Bancorp
Sterling Bancorp (NYSE: STL), a financial holding company and the parent of Sterling National Bank, today announced that it has signed an agreement to acquire the business and assets of PL Services, L. P. (PLS), a leading provider of credit and accounts receivable management services to the staffing industry.
The acquisition, which is subject to the satisfaction of various closing conditions, is anticipated to be completed by the second quarter of this year. Terms of the transaction were not disclosed.
"We believe the acquisition of PLS will be a great fit for Sterling and will expand our growing commercial lending activities," said Louis J. Cappelli, Chairman and Chief Executive Officer of Sterling Bancorp. "We believe the acquisition will foster Sterling's penetration further into the staffing industry. We have long experience working with staffing companies, a vibrant sector of the economy, and are excited about the opportunities that lie ahead."
PL Services, doing business under the brand names Resource Funding Group (RFG) and Temporary Management Resources (TMR), has over twenty years of experience serving the staffing industry. PLS enjoys a strong reputation in its marketplace and provides support services and funding to hundreds of independently owned staffing companies throughout the United States. Last year, PLS' clients generated gross billings of approximately $435 million on which PLS earned commissions. The acquisition is expected to enable Sterling to provide important new commercial lending products and services to customers across its business units and to expand opportunities among the existing PLS client base. Following the closing of the transaction, the business will be named Sterling Resource Funding Corp. and continue to operate from its present headquarters in Woodbury, New York.
"The management and staff of PL Services are most excited about the acquisition by Sterling. It will provide a far broader array of products and financial resources to our clients, as well as opening the door to new markets. We feel fortunate to be acquired by an institution with the experience, longstanding values and reputation of Sterling," commented Allen Gershlak, President of PL Services.