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In a recent development, Sterling Bancorp Inc (NASDAQ:) announced that Lyle M. Wolberg has resigned from his position on the Board of Directors of both the company and its subsidiary, Sterling Bank and Trust, FSB. The resignation will take effect on March 31, 2024.
The resignation notice was formally given on March 1, 2024, as indicated in the company’s filing with the Securities and Exchange Commission. According to the document, Wolberg’s decision to resign was not the result of any disagreement with the company’s operations, policies or practices.
Wolberg’s departure comes as Sterling Bancorp continues to navigate the complexities of the financial services industry. His resignation will leave a vacancy on the board of directors, which the company will have to fill. The process for selecting a new director to fill Wolberg’s seat was not disclosed by Sterling Bancorp.
Sterling Bancorp, through Sterling Bank and Trust, FSB, provides a range of banking services and the board of directors plays a crucial role in overseeing the strategic direction of the company. The impact of Wolberg’s resignation on the company’s governance and strategic planning has yet to be determined.
The company provided no further details regarding the reasons for Wolberg’s resignation or any plans for his replacement. Shareholders and the market will be watching closely to see how Sterling Bancorp will manage this transition and what moves it will make to maintain the stability and direction of the company’s leadership.
This news is based on a statement released by Sterling Bancorp and filed with the SEC. The company has not released any further comments or information regarding Wolberg’s resignation at this time.
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