Freedom Mortgage Finalizes Acquisition of Sterling National Bank Mortgage Operations

Mount Laurel, NJ—August 15, 2016

Freedom Mortgage Corporation, a privately held, full-service mortgage lender licensed in all 50 states, has completed its acquisition of the residential mortgage origination operations of Sterling National Bank the principal subsidiary of Sterling Bancorp (NYSE: STL). Sterling Bancorp operates mainly in the greater New York and Hudson Valley markets through its principal subsidiary, Sterling National Bank.

Freedom Mortgage officially transitioned the residential business and its team of approximately 70 professionals to its banner on August 12, 2016. Freedom will handle new mortgage requests from Sterling National Bank customers through the newly acquired team, as well as leveraging the unit's capabilities to expand Freedom Mortgage's presence throughout the New York metro area. We look forward to carrying on the tradition of excellence that has been a Sterling National Bank hallmark since 1888, said Freedom Mortgage CEO Stanley C. Middleman. The entire region will benefit from the fast response, personalized service and complete range of home mortgages that Freedom offers throughout the United States, he said. We are delighted to have this excellent group of dedicated professionals on the Freedom Mortgage team.

Freedom Mortgage has grown organically and through strategic acquisitions to become one of the country's largest retail, wholesale and correspondent lenders. In business for over 26 years, Freedom Mortgage is renowned for its high service levels, broad product array and for its commitment to delivering high quality financial products to consumers all across America.

About Freedom Mortgage

Freedom Mortgage is a non-bank, full-service mortgage company that provides mortgage loan servicing and originations through retail, wholesale, and correspondent channels. As the nation's fifth largest mortgage provider, licensed in all 50 states, Freedom Mortgage is renowned for providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey.