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8-K - FORM 8-K - STERLING BANCORPd868849d8k.htm
EX-1.1 - EXHIBIT 1.1 - STERLING BANCORPd868849dex11.htm
EX-99.1 - EX-99.1 - STERLING BANCORPd868849dex991.htm

Exhibit 5.1

 

LOGO       

Squire Patton Boggs (US) LLP

221 E. Fourth Street

Suite 2900

Cincinnati, Ohio 45202

 

O    +1 513 361 1200

F    +1 513 361 1201

squirepattonboggs.com

February 11, 2015

Sterling Bancorp

400 Rella Boulevard

Montebello, New York 10901

 

  Re: Offering of Shares of Common Shares

Ladies and Gentlemen:

We have acted as counsel to Sterling Bancorp, a Delaware corporation (the “Company”), in connection with the issuance and sale of an aggregate amount of 6,900,000 shares (the “Firm Shares”) of common shares, par value $0.01 per share, which includes 900,000 shares sold upon the exercise of the over-allotment option granted, of the Company (the “Common Shares”) in accordance with the terms of the Underwriting Agreement, dated February 5, 2015 (the “Underwriting Agreement”), by and among the Company and Jefferies LLC, Keefe, Bruyette & Woods, Inc. and RBC Capital Markets, LLC, as representatives of the several Underwriters named in Schedule A thereto (collectively, the “Underwriters”). The Common Shares were registered pursuant to the Registration Statement on Form S-3 (File No. 333-201873) (the “Registration Statement”), filed by the Company with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended (the “Securities Act”).

In connection with our representation of the Company, and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, certificates and records as we have deemed necessary or appropriate as a basis for the opinions set forth herein, including resolutions of the Board of Directors of the Company and authorized committees thereof, and have reviewed such questions of law as we have considered necessary and appropriate for the purposes of our opinions set forth below. In rendering our opinions set forth below, we have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures and the conformity to authentic originals of all documents submitted to us as copies. We have also assumed the legal capacity for all purposes relevant hereto of all natural persons and, with respect to all parties to agreements or instruments relevant hereto other than the Company, that such parties had the requisite power and authority (corporate or otherwise) to execute, deliver and perform such agreements or instruments, that such agreements or instruments have been duly authorized by all requisite action (corporate or otherwise), executed and delivered by such parties and that such agreements or instruments are the valid, binding and enforceable obligations of such parties. As to questions of fact material to our opinion, we have relied upon certificates of officers of the Company and of public officials.


Sterling Bancorp

February 11, 2015

Page 2

Based on the foregoing, we are of the opinion that the Common Shares have been duly authorized for issuance and, when and if issued and delivered against payment therefor as provided for in the Underwriting Agreement, will be duly and validly issued, fully paid and non-assessable.

The foregoing opinion is limited to the substantive laws of the State of Delaware, and is given on the basis of the law and the facts existing as of the date hereof. We do not express any opinion herein concerning the laws of any other state. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Delaware. Our opinion is based on applicable constitutions, statutes, regulations and judicial decisions that are in effect on the date hereof, and we do not opine with respect to any law, regulation, rule or governmental policy which may be enacted or adopted after the date hereof, or if we become aware of any fact that might change this opinion after the date hereof.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement and to the use of our name therein. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Squire Patton Boggs (US) LLP

Squire Patton Boggs (US) LLP