Sterling National Bank, a subsidiary of Sterling Bancorp
Sterling National Bank acquires Universal Mortgage
Terms of the transaction were not disclosed, but the deal allows Sterling National Bank the chance to expand its New York footprint by tapping into Universal Mortgage's presence in the Brooklyn bureau.
Universal's 25 employees will be joining Sterling National Bank. Universal has a strong residential mortgage brokerage presence in Brooklyn Heights and Park Slope.
Norman Calvo, founder of Universal Mortgage, said his team in the past year has produced a mortgage volume of more than $300 million.
"Joining forces with Sterling brings the advantages of a strong capital base, portfolio of products and services, and an 80-plus year commitment to the needs of customers in the New York City metropolitan area that will enable the Universal team to realize additional opportunities for growth," said Calvo.