Sterling Bancorp sells bank to EverBank in September 2024
- Sterling Bancorp has agreed to sell Sterling Bank and Trust to EverBank Financial Corp.
- The company will also seek shareholder approval for a Plan of Dissolution to distribute remaining assets.
- The board concluded that the EverBank proposal was the best option for shareholders amid a challenging banking environment.
On September 16, 2024, Sterling Bancorp, Inc. announced the sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp. This decision was made after extensive evaluations of various strategic options in a challenging capital market environment for banks, particularly following the crisis in March 2023. The board of directors, alongside financial advisors, determined that the EverBank proposal was the most favorable outcome for shareholders, who have supported the company through its remediation efforts. In conjunction with the sale, Sterling Bancorp adopted a Plan of Dissolution, which will be presented for shareholder approval at a special meeting. If approved, the company will file a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs. The plan entails distributing remaining assets, primarily cash, to shareholders after settling any outstanding debts and obligations. The merger will result in the integration of Sterling Bank's branch offices into EverBank, with the exception of the Michigan branch. This transition reflects a broader trend in the banking industry, where institutions are seeking stability and consolidation in response to economic pressures. The announcement also included forward-looking statements regarding the company's future, emphasizing the uncertainties and risks that could impact its financial performance. Shareholders are encouraged to review all relevant documents related to the transaction, as they will contain critical information about the proposed changes and their implications for the company’s future.