Sterling Bank Parent Agrees to $261 Million Buyout from EverBank

Dow Jones

2024/09/16

By Dean Seal

The parent company of Sterling Bank and Trust said it has reached a deal to sell the bank to EverBank Financial for $261 million in cash.

Sterling Bancorp on Monday said privately held EverBank has agreed to acquire all of the bank's outstanding shares, subject to regulatory and shareholder approval.

The holding company's board has unanimously approved the transaction, which is expected to close in the first quarter of next year.

As a condition of the sale, the trustees for family trusts representing about 38% of the company's equity have committed to voting in favor of the transaction. Sterling's bank has also entered into a deal in which Bayview Acquisitions will buy all of the bank's residential tenant-in-common mortgage loans.

The Sterling parent plans to dissolve following the close of the sale and wind down as quickly as possible.

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

(END) Dow Jones Newswires

September 16, 2024 07:59 ET (11:59 GMT)

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

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Sterling's bank has also entered into a deal in which Bayview Acquisitions will buy all of the bank's residential tenant-in-common mortgage loans. \n\n\n  The Sterling parent plans to dissolve following the close of the sale and wind down as quickly as possible. \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 07:59 ET (11:59 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"}}}