IF YOU PURCHASED STERLING BANCORP, INC. COMMON STOCK DURING THE PERIOD BEGINNING NOVEMBER 17, 2017, THROUGH MARCH 17, 2020, YOU COULD GET A RESTITUTION PAYMENT.

PLEASE BE ADVISED THIS NOTICE IS SPECIFICALLY FOR STERLING BANCORP, INC. COMMON STOCK (TICKER: SBT) (CUSIP: 85917W102)

The information contained on this web page is only a summary of information presented in more detail in the Notice of Restitution (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

PLEASE READ THE NOTICE CAREFULLY. The Notice explains important rights you may have, including the possible receipt of a payment from the Settlement. If you are a member of the Settlement Class, your legal rights will be affected whether or not you act. If you have questions about the Notice, the proposed Settlement, or your eligibility to participate in the Settlement, please DO NOT contact the Court, Sterling, the other Defendants in the Action, or their counsel. All questions should be directed to Lead Counsel or the Claims Administrator.

What is this case about?: On April 19, 2023, Sterling Bancorp, Inc. (“Sterling”) pleaded guilty in United States of America v. Sterling Bancorp, Inc., 2:23 cr 20174-LVP-DRG, to one count of securities fraud for filing false securities statements related to its 2017 initial public offering (“IPO”) and its 2018 and 2019 annual filings (the “Criminal Case”). Sterling will be on probation for 36 months and agreed to pay restitution in the amount of $27,239,000 to non insider victim-shareholders. Sterling also agreed to follow the law, pay the mandatory special assessment of $400, cooperate with and report to the United States Department of Justice, Criminal Division, Fraud Section, implement an ongoing compliance and ethics program, and separately pay Restitution Fund administration costs. Sterling paid the restitution amount to the Clerk of Court on August 15, 2023. The Court approved the Restitution Order on July 21, 2023, and on October 20, 2023, appointed the Special Master (who will administer and distribute the restitution money).

You may have seen a previous notice about a $12.5 million class action settlement with Sterling in a separate case, Oklahoma Police Pension and Retirement System v. Sterling Bancorp, Inc ., 5:20-cv-10490-JEL-EAS (E.D. Mich. 2021). The Court approved the class action settlement in that case on September 23, 2021, and the settlement fund in that case was distributed on December 21, 2022.

Who is eligible to receive restitution money?: You are now eligible to receive restitution money in connection with the Criminal Case if you purchased or otherwise acquired Sterling common stock from November 17, 2017, through March 17, 2020, including any purchases during the company’s IPO which commenced on November 17, 2017.

How can I receive restitution money?: If you filed a valid claim and/or received a payment in the class action settlement, you will automatically be eligible to receive a restitution payment in connection with the Criminal Case and do not need to file another claim. If you did not file a claim in the class action settlement, or if you wish to revise or supplement your claim from the class action lawsuit, to receive restitution money in connection with the Criminal Case you must complete and submit a new Claim Form online by May 23, 2024.

Additional Information: Copies of the Plea Agreement, Judgment, Restitution Order, and additional information are available on this website under the “Court Documents” tab. You may also call 877-495-0967 or email info@SterlingBancorpRestitutionFund.com. Please check this website frequently for updates.

Attorneys’ Fees and Expenses Sought: Special Notice to Brokers and Nominees: If, for the beneficial interest of any person or entity other than yourself, you purchased Sterling common stock (Ticker: SBT) (CUSIP: 85917W102) from November 17, 2017, through March 17, 2020, you may need to take immediate action to ensure notice is provided to such beneficial owners. Please see page 4 of the Notice for more information.