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Recent developments include: Sterling Bancorp Co., Ltd. (NASDAQ:) announced that Lyle M. Wahlberg has resigned from the board of directors of the company and its subsidiary, FSB Starling Bank & Trust. His resignation is scheduled to take effect on March 31, 2024.
The notice of resignation was formalized on March 1, 2024, as stated in the company's filing with the Securities and Exchange Commission. The document said Walberg's decision to resign was not due to any disagreement with the company's operations, policies or practices.
Mr. Wahlberg's departure comes as Starling Bancorp continues to navigate the complex landscape of the financial services industry. His resignation will create a vacancy on the board, which the company will need to address. The process for selecting a new director to fill Wahlberg's seat has not been disclosed by Sterling Bancorp.
Starling Bancorp offers a wide range of banking services through Starling Bank & Trust, FSB, and the Board of Directors plays an important role in overseeing the company's strategic direction. The impact of Walberg's resignation on the company's governance and strategic planning is not yet clear.
The company did not provide details about the reason for Wahlberg's resignation or plans for his replacement. Shareholders and the market will be watching closely to see how Starling Bancorp manages this transition and what moves it makes to maintain stability and direction in its leadership.
This news is based on a statement issued by Starling Bancorp and filed with the SEC. The company has not released any additional comment or information regarding Wahlberg's resignation at this time.
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