Sterling Bancorp Completes Acquisition of PL Services

Bancorp, a financial holding company and the parent of Sterling National Bank, today announced that it has completed its acquisition of the business and assets of PL Services, L.P. (PLS), a leading provider of credit and accounts receivable management services to the staffing industry. Terms of the transaction were not disclosed.

PL Services, which operated under the brand names Resource Funding Group (RFG) and Temporary Management Resources (TMR), has over twenty years of experience serving the staffing industry. PLS enjoys a strong reputation in its marketplace and provides support services and funding to hundreds of independently owned staffing companies throughout the United States. Last year, PLS’ clients generated gross billings of approximately $435 million on which PLS earned commissions. The business will be named Sterling Resource Funding Corp. and continue to operate from its present headquarters in Woodbury, New York.