The Bank Slate


SEC probe of Sterling in Mich. ends with no action

The Securities and Exchange Commission does not plan to pursue an enforcement action against Sterling Bancorp in Southfield, Mich.


The $2.4 billion-asset Sterling said in a press release that a letter from the SEC stated that an investigation of the company had ended.


Sterling had previously disclosed that it believed the probe was tied to accounting, financial reporting and disclosure matters and internal controls associated with its defunct Advantage Loan Program.

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