Most of Sterling Bancorp's operations are in San Francisco and Los Angeles. The company plans to use some of the $93 million it will raise to expand in New York and Seattle.
Capital Corps, led by Steven Sugarman, aims to provide financing to homeowners and small businesses that it believes are overlooked by banks. The firm features several former Banc of California executives.
The Federal Housing Finance Agency must set fees equal to the cost of capital that private banks hold against similar risk, not just the amount of capital that Fannie and Freddie think are right for themselves.
