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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 for both the company and its subsidiary, Sterling Bank and Trust, F.S.B. The resignation is set to take effect on March 31, 2024.

The notice of resignation was formally given on March 1, 2024, as stated in the company’s filing with the Securities and Exchange Commission. According to the document, Wolberg’s decision to step down is not the result of any disagreements with the company’s operations, policies, or practices.

Wolberg’s departure comes at a time when Sterling Bancorp continues to navigate the complexities of the financial services industry. His resignation will leave a vacancy on the board, which the company will have to address. The process for selecting a new director to fill Wolberg’s seat has not been disclosed by Sterling Bancorp.

Sterling Bancorp, through Sterling Bank and Trust, F.S.B., provides a range of banking services, and the board 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 is yet to be determined.

The company has not provided further details regarding the reasons behind Wolberg’s resignation or any plans for his replacement. Shareholders and the market will be watching closely to see how Sterling Bancorp manages 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 issued any additional comments or information regarding Wolberg’s resignation at this time.

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