Exhibit 99.1


(STERLING BANCORP LETTERHEAD)                      NEWS
                                             -----------------
                                             IMMEDIATE RELEASE
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John Tietjen                                 Kimberly Storin
Chief Financial Officer                      Investor Relations
Sterling Bancorp                             The MWW Group
john.tietjen@sterlingbancorp.com             kstorin@mww.com
212.757.3300                                 212.827.3752

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            STERLING BANCORP DECLARES $0.19 DIVIDEND ON COMMON SHARES
               Extends Track Record to 232nd Consecutive Quarters

NEW YORK, N.Y., NOVEMBER 20, 2003 - Sterling Bancorp (NYSE: STL), parent company
of Sterling National Bank, today announced that the Company's Board of Directors
approved a cash dividend of $0.19 per common share, payable on December 31, 2003
to shareholders of record as of December 13, 2003.

Sterling's quarterly dividends equate to $0.76 on an annualized basis,
reflecting Sterling's solid financial performance throughout 2003. The Company
has been distributing cash dividends for 232 consecutive quarters, or 58 years.

"We are pleased to continue our long tradition of quarterly dividends,
demonstrating Sterling's ongoing commitment to enhancing total return to
shareholders," commented Louis J. Cappelli, Chairman and Chief Executive
Officer. "In a time of industry consolidation and continued economic
uncertainty, declaring a quarterly dividend reflects confidence in our strategic
business initiatives. Our strong balance sheet, consistent net income growth and
solid competitive position enable us to share this success directly with our
investors."

ABOUT STERLING BANCORP

Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.7
billion, offering a broad array of banking and financial services products. Its
principal banking subsidiary is Sterling National Bank, founded in 1929.
Sterling provides a wide range of products and services, including business and
consumer loans, commercial and residential mortgage lending and brokerage,
asset-based financing, factoring, trade financing, equipment leasing, corporate
and consumer deposit services, trust and estate administration, and investment
management services. The Company has operations in the metropolitan New York
area, as well as North Carolina and many mid-Atlantic States and conducts
business throughout the U.S.

This press release may contain statements including but not limited to,
statements concerning future results of operations or financial position,
borrowing capacity and future liquidity, future investment results, future
credit exposure, future loan losses and plans and objectives for future
operations, and other statements contained herein regarding matters that are not
historical facts and that are "forward-looking


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statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. 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 of its control. Any forward-looking statements the Company
may make speak only as of the date on which such statements are made. It is
possible that the Company's actual results and financial position may differ,
possibly 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, see "Business -- Cautionary Statement Regarding Forward-looking
Statements" in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2002.


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