8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)      December 9, 2008     

Commission File Number:      1-5273-1     

Sterling Bancorp

(Exact name of Registrant as specified in its charter)

New York	13-2565216
(State of other jurisdiction of incorporation)	(IRS Employer Identification No.)
650 Fifth Avenue, New York, New York	10019-6108
(Address of principal executive offices)	(Zip Code)

(212) 757- 3300

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c)

TABLE OF CONTENTS

OTHER EVENTS

FINANCIAL STATEMENTS AND EXHIBITS

ITEM 8.01
OTHER EVENTS

On December 9, 2008, the Company issued a press release announcing that it has received preliminary approval to participate in the U.S. Treasury Department’s Capital Purchase Program. The press release is included as Exhibit 99.1.

ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

99.1 Press release dated December 9, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DATE:	December 10, 2008
BY:	/s/ John W. Tietjen
	JOHN W. TIETJEN
	Executive Vice President
	and Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

John Tietjen	Edward Nebb
Chief Financial Officer	Investor Relations
Sterling Bancorp	Comm-Counsellors, LLC
john.tietjen@sterlingbancorp.com	enebb@optonline.net
212.757.8035	203.972.8350

STERLING BANCORP RECEIVES PRELIMINARY APPROVAL FOR
$42 MILLION UNDER U.S. TREASURY CAPITAL PURCHASE PROGRAM

New York, NY, December 9, 2008 – Sterling Bancorp (NYSE: STL), the parent company of New York City-based Sterling National Bank, today announced that it has received preliminary approval to participate in the U.S. Treasury Department’s Capital Purchase Program (“CPP”). Subject to the terms and conditions of the CPP, Sterling expects to issue to the U.S. Treasury Department $42 million in nonvoting senior preferred shares, as well as warrants to purchase shares of Sterling common stock.

Sterling’s capital ratios exceeded the regulatory requirements for “well-capitalized” institutions prior to receiving preliminary CPP approval. The Treasury program, which is available to qualifying financial institutions, will further increase Sterling’s already strong capital position and support continued growth of its lending and other banking activities.

“Sterling is pleased to be among the financial institutions that have been selected by the Treasury Department for preliminary approval under the Capital Purchase Program. While we were already in a strong capital position and have been actively lending to both existing and new customers, the Treasury program is a cost-effective source of additional capital. We believe that participating in the program will further enhance our ability to serve the needs of our market, grow our business and develop opportunities that may arise in the current economic environment and beyond. We look forward to doing our part as responsible, prudent lenders to support the recovery of the nation’s economy,” said Louis J. Cappelli, Sterling’s Chairman and Chief Executive Officer.

Final approval and closing is subject to completion of standard terms and conditions and is expected to take approximately 30 days.

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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, and plans and objectives for future operations, statements concerning the Company’s belief that participation in the Treasury program will further increase Sterling’s already strong capital position, support continued growth of its lending and other banking activities and further enhance its ability to serve the needs of its market, grow its business and develop opportunities that may arise in the current economic environment and beyond and the Company’s expectation that final approval and closing will take approximately 30 days, 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.

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