© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Sterling Bancorp Acquires Damian Services Corporation
Posted 8th April 2015

Sterling Bancorp Acquires Damian Services Corporation

Sterling Bancorp Acquires Damian Services Corporation

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Sterling Bancorp Acquires Damian Services Corporation

Sterling Bancorp Acquires Damian Service Corporation

View Biography
Sterling Bancorp

Acquirer

Sterling Bancorp, through its principal subsidiary Sterling National Bank, today announced that it has completed the acquisition of Damian Services Corporation (“Damian”), a privately-held provider of payroll funding and related services. Terms of the transaction were not disclosed.

Damian, founded in 1981 and based in Chicago, IL, has been a pioneer in providing funding, back-office support and software solutions for the temporary staffing industry. Staffing firms often turn to payroll funders for a comprehensive range of services, from receivables-based financing to meet payrolls, to complete payroll processing, payroll tax preparation and filing, invoicing and accounts receivable management, business reports, credit analysis and software.

Sterling is already one of the largest lenders in the payroll funding marketplace, with an existing business that provides receivables-based financing and associated services to staffing industry clients in 48 states. “Our focus has always been on delivering excellent service, which allows our clients to spend their time doing what they do best-growing their business,” stated Stephen Leavenworth, Payroll Finance Division President, Sterling National Bank. Damian, which funded over $250 million in receivables for over 100 clients in 2014, will expand Sterling’s lending capacity, client base, professional team and fee-generation opportunities to serve this specialized financing niche.

Jack Kopnisky, President and CEO of Sterling Bancorp, noted, “Damian is a leader in the payroll services market and will complement Sterling’s existing business in this attractive area of specialization. We like the payroll funding business, which complements our asset-based lending skill-set, provides relatively high returns and contributes to non-interest income. The acquisition is consistent with our stated goal of growing Sterling’s specialty lending and other fee-generating operations, and we see opportunities to expand this business over time.”

Alvin Block, President of Damian, said, “It gives us great confidence, after building this business over more than three decades, to know that Sterling will provide our clients with the level of service they have come to expect, as well as all of the other products and resources that Sterling offers as a national bank.”

Categories: Finance, M&A


You Might Also Like
Read Full PostRead - Eye Icon
Fighting for the Underdog
Leadership
13/08/2019Fighting for the Underdog

Gee Law Firm, based in Lafayette, Louisiana (US) is a plaintiff’s personal injury law firm. Following Founder, William Gee’s success in AI’s Leading Adviser 2019 where he was selected as the Leading Maritime and Trucking Personal Injury Lawyer of the Yea

Read Full PostRead - Eye Icon
One week on from the EU exit – what do we know? What is the Impact on UK Business and M&A?
Finance
01/07/2016One week on from the EU exit – what do we know? What is the Impact on UK Business and M&A?

The referendum result created a cloud of shock as uncertainty descended over the UK.

Read Full PostRead - Eye Icon
Latin America Series: Guyana
Strategy
13/05/2016Latin America Series: Guyana

De Caires Fitzpatrick and Karran, one of the most prestigious law firms in Guyana, specialises in corporate/commercial work including securities and land issues.

Read Full PostRead - Eye Icon
4 Things You Should Know About The IoT Industry
Innovation
22/08/20224 Things You Should Know About The IoT Industry

Have you ever used your smartphone to turn on the air conditioner in your home? Or have you used a step counter to measure your daily walking distance? If so, then you’ve already had first-hand experience with IoT. IoT stands for Internet of Things, a term r

Read Full PostRead - Eye Icon
Reasons for LTD Claim Denials for Covid-19 Long Haulers
Legal
27/09/2021Reasons for LTD Claim Denials for Covid-19 Long Haulers

Covid-19 rapidly spread across the world and became a global pandemic. Hundreds of millions of people became infected, with millions being forced to take a leave of absence from their jobs due to symptoms.

Read Full PostRead - Eye Icon
IoT in Transportation Market Worth $143.93 Billion by 2020
Finance
21/04/2015IoT in Transportation Market Worth $143.93 Billion by 2020

The IoT in Transportation Market is expected to reach $143.93 Billion by 2020 at an estimated CAGR of 8.95% from 2014 to 2020.

Read Full PostRead - Eye Icon
What are the Alternatives to Small Business Loans?
News
28/04/2023What are the Alternatives to Small Business Loans?

Small business loans are a type of financing designed to provide financial assistance to small businesses. These loans can be used to cover various business expenses, such as purchasing equipment and inventory, or expanding the business.

Read Full PostRead - Eye Icon
What is Phishing and How to Guard Against it
News
12/01/2023What is Phishing and How to Guard Against it

Maybe you've heard or read the term "phishing" before and have wondered what, exactly, it was referring to. In the below article, we are going to discuss phishing, some of the most common ways cybercriminals attempt to use phishing tactics and how to guard aga

Read Full PostRead - Eye Icon
Economic Signals To Consider When Trading Forex In The Final Months Of 2022
Finance
11/10/2022Economic Signals To Consider When Trading Forex In The Final Months Of 2022

It’s a mantra that seems almost as old as time itself, but the ‘be fearful when others are greedy, and greedy when others are fearful’ strategy of Warren Buffett has served him well in more than five decades as an investor.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow