BUZZ-Sterling Bancorp tumbles after agreeing to $261 mln sale

Reuters

2024/09/16

** Sterling Bancorp's shares plunge 18.3% after the company agrees to $261 mln sale of its banking unit, Sterling Bank

** SBT will sell the unit to Florida-based EverBank Financial Corp

** The price tag is 13% lower than SBT's market capitalization last week

** Investment management firm Bayview Acquisitions has agreed to buy the banking arm's residential tenant-in-common mortgage loans

** SBT will wind down after the deal

** Holding companies like SBT are often shuttered after they offload their banking units, which are their primary assets

** Ultimately, Sterling's board determined that there was no practical way to pursue any form of standalone independent operations - CEO Thomas O'Brien

** As of Friday, SBT had fallen marginally this year

(Reporting by Niket Nishant in Bengaluru)

((Niket.Nishant@thomsonreuters.com;))

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