SOUTHFIELD, Mich. — Sterling Bancorp, Inc. (NASDAQ: SBT) don announce say dem don complete sale of Sterling Bank and Trust to EverBank Financial Corp for $261 million cash. Dis transaction go take effect from April 1, 2025, and e go involve merging Sterling Bank with EverBank, National Association.
As part of dis transaction, all Sterling Bank branches except dem for Michigan go operate as EverBank branches from April 1, 2025. Dis merger significa say all operations for Sterling Bank will soon close, with Michigan branch already closed on March 31, 2025.
“Di closing of dis transaction with EverBank na historic point for Sterling. We don work hard, and we dey grateful for di support from shareholders,” na wetin CEO Thomas O’Brien talk. He add say dis deal go give shareholders better returns for di long run, as dem dey expect liquidating distributions from di sale very soon.
Di sale come after about five years of significant turnaround efforts by di company. Di agreed sale price of $261 million provide significant value as Sterling’s total market capitalization before di sale na approximately $254.7 million.
Following di sale, Sterling Bancorp go file certificate of dissolution with Michigan authorities, and dem go request to delist from Nasdaq Capital Market. Dis move dey consistent with plans to wind down di business smoothly while ensuring minimal disruption for di customers.
Four directors from Sterling also resign after di sale. Dem be Peggy Daitch, Tracey Dedrick, Benjamin Wineman, and Eboh Okorie. Di CEO also express gratitude to di board and everybody wey participate for di transaction.
In di new arrangement, former Sterling customers wey dey use di branches wey go turn to EverBank will get more information on how di changes fit affect their deposit and loan accounts.
Dis transaction represents a significant shift for EverBank as dem expand their operations and customer base through di acquisition of Sterling Bank,” O’Brien talk. He express confidence say di transition go be smooth for di customers as dem join di EverBank family.
