Sterling Bancorp is committed to nurturing close, long-term relationships with its customers, all across the business spectrum. As these businesses grow, Sterling is right there beside them, to provide banking and financial services that help manage the business, whatever the need.

Eastland Shoe, located in Freeport, Maine, has been a valued client for more than 25 years and during that time Sterling has helped it through many changes. It was founded in 1955 as a domestic manufacturer of casual shoes for men, women and children. In 2001, it made a strategic decision to move its manufacturing offshore and began to import shoes from the Pacific Rim.

Sterling’s veteran trade finance professionals worked closely with Eastland’s management to guide them through the transition. Sterling’s team made sure Eastland had access to all the resources necessary to import their products and counseled them on the best ways to proceed.

In particular, Sterling assisted Eastland with the process of opening letters of credit to finance payment of its imports. Traditionally, applying for letters of credit is a lengthy, paper-intensive procedure. However, with Sterlinks, the bank’s automated system, authorized individuals at Eastland are now able to initiate each application remotely, from their own personal computers, and send them directly to Sterling via Electronic Data Interchange. Upon receipt, the bank obtains rapid credit approval and promptly processes the transaction to completion. The letter of credit is then electronically transmitted to Sterling National Asia Limited, which swiftly dispatches it to the supplier’s bank. Sterling National Asia Limited, a recently opened trade service company in Hong Kong, is dedicated solely to servicing Sterling’s customers abroad.

Eastland has been delighted with both the product and the service it received. Sterling provided the software and then customized it, using Eastland’s own database to create templates that enable Eastland to complete the application process with just a few clicks of a mouse. This information, available only to authorized individuals at Eastland, is protected by a system of sophisticated security controls.

As a result, Eastland now saves considerable time and can manage its import business online with a high degree of efficiency and reliability. Sterling’s technology and its customized service offer advantages that enable Eastland to compete and succeed in a rapidly changing business environment.