Sterling Bancorp Declares Cash Dividend of $0.19 per Share

    NEW YORK, Aug. 21 /EMWNews/ -- Sterling Bancorp (NYSE:

STL), the parent company of New York City-based Sterling National Bank,

today announced that the Company's Board of Directors has declared a cash

dividend of $0.19 per common share, payable on September 30, 2008 to

shareholders of record as of September 15, 2008. The Company has been

distributing cash dividends for 251 consecutive quarters over more than 62

years.



    "Sterling's six decade-long track record of continuous cash dividends

is a testament to the long-term success of our community banking business

model, our strong earnings growth and our Board's commitment to shareholder

value," stated Louis J. Cappelli, Chairman and Chief Executive Officer. "We

are pleased that our financial performance has allowed us to reward

shareholders with an attractive dividend at a time when many institutions

have had to suspend or reduce their dividends in the present difficult

economic cycle."

    About Sterling Bancorp



    Sterling Bancorp (NYSE: STL) is a New York-based banking and financial

services company that serves the needs of businesses, professionals and

individuals. With assets exceeding $2.1 billion, Sterling offers a broad

array of products and services, combined with a unique high-touch approach

to customer service. The Company's principal banking subsidiary, Sterling

National Bank, with offices in New York City and Queens, Nassau and

Westchester counties, was founded in 1929.



    Known for its focus on business customers, Sterling offers such

services as working capital lines, asset-based financing, factoring and

accounts receivable management, payroll funding and processing, equipment

leasing and financing, commercial and residential mortgages, international

trade financing, cash management, a wide array of deposit products, trust

and estate administration, and investment management services.



    Certain statements in this press release, including but not limited to,

statements as to future liquidity, future interest rate risk and operating

expenses, statements concerning future results of operations, financial

position or dividends, plans and objectives for future operations, and

other statements regarding matters that are not historical facts, are

"forward- looking statements" as defined in the Securities Exchange Act of

1934. These statements are not historical facts but instead are subject to

numerous assumptions, risks and uncertainties, and represent only the

Company's belief regarding future events, many of which, by their nature,

are inherently uncertain and outside its control. Any forward-looking

statements the Company may make speak only as of the date on which such

statements are made. The Company's actual results and financial position

may differ materially from the anticipated results and financial condition

indicated in or implied by these forward-looking statements. For a

discussion of some of the risks and important factors that could affect the

Company's future results and financial condition, see "Risk Factors" and

"Management's Discussion and Analysis of Financial Condition and Results of

Operations - Forward-Looking Statements and Factors that Could Affect

Future Results" in the Company's Annual Report on Form 10-K for the fiscal

year ended December 31, 2007.