Sterling Bancorp, Inc. (SBT), the holding company for Sterling Bank and Trust, F.S.B., announced on Monday that it has entered into a definitive stock purchase agreement with EverBank Financial Corp., based in Jacksonville, Florida. Per the terms of the agreement, EverBank will acquire all of Sterling Bank and Trust's stock for a fixed cash consideration of $261 million.
This transaction is contingent on customary closing conditions, including regulatory approvals and the consent of Sterling's shareholders. Sterling's board of directors has given its unanimous approval for the transaction, which is anticipated to close in the first quarter of 2025.
As a prerequisite for EverBank's participation, trustees for family trusts holding approximately 38% of the Company's outstanding common stock have agreed to vote in favor of the transaction.
Following the completion of the transaction, Sterling Bank and Trust will merge into EverBank, with the exception of the Michigan branch. The merged entity will operate Sterling’s branch offices under the EverBank name.
All deposit accounts held by Sterling Bank and Trust at the time of closing will retain their FDIC coverage, and loan customers will be transitioned to EverBank's platform following a transitional period.
Sterling Bancorp is expected to voluntarily delist its common stock from Nasdaq immediately following the closing of the sale.
The Company intends to seek shareholder approval for the Plan of Dissolution during the same special meeting where the sale to EverBank will be voted upon. If the shareholders approve the Plan of Dissolution, Sterling plans to file a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs and distribute all remaining assets—anticipated to be entirely in cash—to its shareholders.
