Ken Poteet And Sterling Bank Sponsor “Pitch The Player” at Venture Draft Event at St. Louis U

Jan. 21, 2013 - PRLog -- Sterling Bank was a sponsor of the first ever “Venture Draft” bringing together NFL players and venture capitalists with tech startups seeking funding. The networking event on August 10 and 11, 2012, was held in Busch Auditorium at St. Louis University in St. Louis, MO.

Founded by Chairman and CEO Ken Poteet in 2004, today Sterling Bank ranks in the top one percentile of de novo banks nationwide, and is the most successful in a five-state region.  In fact, Sterling Bank grew an astounding 35 percent in 2011, and is one of the top five performing banks overall in the State of Missouri.  

Over 20 former professional athletes and more than 300 people  attended the Venture Draft. The goal of the event was to have athletes, venture capitalists, and tech startup companies come together and foster deals with tangible results.

Sterling Bank   sponsored the “Pitch the Player” portion of the event, during which 10 companies made direct “Shark Tank” style presentations to former professional athletes and venture capitalists. A portion of the sponsorship provided scholarships for some startup firms that cannot afford the registration costs.

“We believe we can help nurture new relationships that will culminate in tech startups receiving funding,” said former Rams NFL wide-receiver Brandon Williams. He has teamed with nationally recognized economist Dr. E. Lance McCarthy who assists non-profits, corporations, professional athletes and cities with economic development and finance planning.

“We value the partnerships that benefited us during our early days and now we welcome this opportunity to pay it forward and assist others and guide them to success,” said Ken Poteet.

Sterling Bank is uniquely experienced in business startups. Poteet steered Sterling Bank through one of the worst economic downturns our nation has experienced, from its early inception in Poplar Bluff to its opening in Van Buren, MO, to its 2009 establishment in a highly visible Clayton location at 50 S. Bemiston Ave. Under his guidance, Sterling Bank became profitable in only its third month in business.  Even more, the bank earned back to book by its third full year.  

         The full utilization of the LIHTC, Low Income Housing Tax Credit Programs has been one of the key reasons for Sterling Bank’s high performance since its inception.  Among others, this includes LIHTC Interim Construction Loans, letters of Credit for Completion Assurance, Operating Deficit and Reserve Replacement.  Permanent loans for equity gap for affordable housing development, warehouse lines for state credits and equity loans for the purchase of a 10-year stream of federal credits by high net worth individuals.  Sterling Bank also deals in energy tax credits, helping fund alternative energy-powered housing projects.

         In addition, Sterling was the first bank in the state to initiate the Wild Card Statute allowing state-chartered banks to purchase up to 15 percent of unimpaired capital in a public welfare activity, such as the purchase of LIHTCs.  As of Dec. 31, 2011, Sterling was ranked eighth in the nation in safety, soundness and profitability of all financial institutions with $100 million to $500 million in total assets and seventh among all financial institutions in the State of Missouri.  As of May 2012, Sterling Bank exceeds $400 million in total assets.

         That personalized approach with the finest in service seems a rarity in an age when banking has gone more and more online.  Indeed, Sterling Bank has some of the most distinctive physical facilities around – facilities that reflect the bank’s commitment to the nostalgia and solidity of the past, to its state-of-the art and customized service to its current upscale clientele, coupled with an essential look toward the future.  

         For more information on Sterling Bank and its tax-credit opportunities, contact Ken Poteet at 314-571-5610, kpoteet@sterbank.com, or visit www.sterbank.com.