Item 1.01. Entry into a Material Definitive Agreement. On September 27, 2022, Sterling Bancorp, Inc. (the “Company”), the thrift holding company for Sterling Bank and Trust, F.S.B. (the “Bank”), entered into a Consent Order (the “Consent Order”) with the Office of the Comptroller of the Currency (the “OCC”), resolving the OCC’s formal investigation relating to the Bank’s former residential loan product, marketed as the Advantage Loan Program, and related matters. Under the Consent Order, the Bank has agreed to pay a civil money penalty of $6 million. The civil money penalty will be applied against the previously accrued liability for contingent losses reflected on the Company’s consolidated (…)
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