Sterling National Bank’s franchise finance group provided secured credit facilities in the amount of $18.4 million to Fowl Play Ventures, a Zaxby’s franchisee referred to Sterling by Priority Capital.
Sterling National Bank’s commercial services group provided a recourse factoring facility of $2.5 million to Web Packaging Solutions. The facility will provide working capital for the company.
The board of governors of the Federal Reserve provided regulatory approval of the previously proposed merger of Webster Financial and Sterling Bancorp.
Sterling National Bank agreed to expand the size of and extend the maturity of Air Industries Group’s revolving credit facility and term loan.
Sterling National Bank’s franchise finance group provided an $875,000 term loan to The Bakersfield Wing Company, a five-unit Wingstop franchisee in Bakersfield, CA.
Sterling National Bank’s franchise finance group provided a development line of credit totaling $1.1 million to Scordia Restaurant Group and Lepsco, a combined four-unit Burger King franchisee in Ohio, which will use the credit facilities to support the remodel of two existing units.
Sterling National Bank hired David Stansbery as managing director of franchise originations for the bank’s franchise finance division. Stansbery has more than 20 years of experience in the franchise finance space, including stints with GE Capital, CIT and Signature Bank.
Sterling National Bank’s franchise finance group provided senior secured credit facilities totaling $1.45 million to M.A.C. Pizza Company, a Domino’s Pizza franchise.
Sterling National Bank’s commercial services group provided a secured credit facility totaling $3 million to Suvip Solutions, which does business as USEReady.
The stockholders of Webster Financial and Sterling Bancorp approved the proposed merger between Webster and Sterling at their respective special meetings of stockholders.