Sterling Bancorp (NASDAQ:SBT) said EverBank Financial will acquire all the stock of Sterling Bank and Trust, F.S.B for fixed cash consideration of $261M.
SBT’s board has unanimously approved the sale, and the deal is expected to close in the first quarter of 2025.
The bank has also entered into a definitive mortgage loan purchase agreement with Bayview Acquisitions, which provides for the sale to Bayview of all the bank’s residential tenant-in-common mortgage loans.
In connection to the sale, SBT has also adopted a plan of dissolution for the company after the closing of the deal.
The firm expects to shut down as quickly as possible after the sale.
After the deal, the bank will be merged with EverBank, which will operate its branch offices, other than the Michigan branch, as offices of EverBank.
“Ultimately, Sterling’s board of directors determined that there was no practical way to pursue any form of stand-alone independent operations given the extremely high costs required and the multiple years needed to execute a new strategic vision without risking ongoing losses and substantial loss of capital,” said CEO, Thomas M. O’Brien.
More on Sterling Bancorp
- Sterling Bancorp, Inc. (Southfield, MI) (SBT) Q2 2024 Earnings Call Transcript
- Financial information for Sterling Bancorp
