Sterling Bancorp Shares Slip on Sale to EverBank

Dow Jones

2024/09/16

By Dean Seal

Shares of the parent company for Sterling Bank and Trust fell after the company said it would sell the bank to EverBank Financial for $261 million, lower than the parent's market capitalization at the end of last week.

The stock was down 16% at $4.82 after the market opened. Shares closed the market last week at $5.75, giving Sterling Bancorp a market capitalization of $300.9 million based on about 52.3 million shares outstanding, according to FactSet.

Sterling said Monday that the privately held EverBank has agreed to acquire the bank's outstanding shares for $261 million in cash. The holding company's board has unanimously approved the transaction, which is expected to close in the first quarter of next year.

The Sterling parent plans to dissolve following the close of the sale and wind down as quickly as possible. As part of the sale, the company will sell the bank's residential tenant-in-common mortgage loans to Bayview Acquisitions.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

September 16, 2024 09:41 ET (13:41 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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As part of the sale, the company will sell the bank's residential tenant-in-common mortgage loans to Bayview Acquisitions. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Dean Seal at dean.seal@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 16, 2024 09:41 ET (13:41 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sterling Bancorp Shares Slip on Sale to EverBank</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSterling Bancorp Shares Slip on Sale to EverBank\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2024-09-16 21:41</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Dean Seal \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of the parent company for Sterling Bank and Trust fell after the company said it would sell the bank to EverBank Financial for $261 million, lower than the parent's market capitalization at the end of last week. \n</p>\n<p>\n  The stock was down 16% at $4.82 after the market opened. Shares closed the market last week at $5.75, giving Sterling Bancorp a market capitalization of $300.9 million based on about 52.3 million shares outstanding, according to FactSet. \n</p>\n<p>\n  Sterling said Monday that the privately held EverBank has agreed to acquire the bank's outstanding shares for $261 million in cash. The holding company's board has unanimously approved the transaction, which is expected to close in the first quarter of next year. \n</p>\n<p>\n  The Sterling parent plans to dissolve following the close of the sale and wind down as quickly as possible. As part of the sale, the company will sell the bank's residential tenant-in-common mortgage loans to Bayview Acquisitions. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Dean Seal at dean.seal@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  September 16, 2024 09:41 ET (13:41 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SBT","symbol_name":"Sterling Bancorp, Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2467563843","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2467563843","pubTimestamp":1726494060,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of the parent company for Sterling Bank and Trust fell after the company said it would sell the bank to EverBank Financial for $261 million, lower than the parent's market capitalization at the end of last week.The stock was down 16% at $4.82 after the market opened. Shares closed the market last week at $5.75, giving Sterling Bancorp a market capitalization of $300.9 million based on about 52.3 million shares outstanding, according to FactSet.Sterling said Monday that the privately held EverBank has agreed to acquire the bank's outstanding shares for $261 million in cash. The holding company's board has unanimously approved the transaction, which is expected to close in the first quarter of next year.The Sterling parent plans to dissolve following the close of the sale and wind down as quickly as possible. 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Shares closed the market last week at $5.75, giving Sterling Bancorp a market capitalization of $300.9 million based on about 52.3 million shares outstanding, according to FactSet. \n\n\n  Sterling said Monday that the privately held EverBank has agreed to acquire the bank's outstanding shares for $261 million in cash. The holding company's board has unanimously approved the transaction, which is expected to close in the first quarter of next year. \n\n\n  The Sterling parent plans to dissolve following the close of the sale and wind down as quickly as possible. As part of the sale, the company will sell the bank's residential tenant-in-common mortgage loans to Bayview Acquisitions. \n\n\n \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  September 16, 2024 09:41 ET (13:41 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}