Sterling Bank And Trust To Be Acquired By EverBank Financial For $261 Million Cash

(RTTNews) - Sterling Bancorp, Inc. (SBT), the holding company of Sterling Bank and Trust, F.S.B., announced Monday that the Company has entered into a definitive stock purchase agreement with Jacksonville, Florida-based EverBank Financial Corp., pursuant to which EverBank would acquire all of the stock of the Sterling Bank and Trust for fixed cash consideration of $261 million.

The sale transaction is subject to customary closing conditions, including regulatory approvals and approval by Sterling's shareholders. Sterling's board of directors has unanimously approved the sale transaction, which is expected to close in the first quarter of 2025.

As a condition for EverBank to enter into the sale transaction, trustees for family trusts representing approximately 38% of the outstanding common stock of the Company have entered into agreements pursuant to which they have committed to vote their shares in favor of the sale transaction.

Upon completion of the proposed sale of the Sterling Bank and Trust, the Sterling Bank and Trust will be merged into EverBank, which will operate the Bank's branch offices, other than Michigan branch, as offices of EverBank.

All of the Sterling Bank and Trust's deposit accounts at the time of the closing will continue to enjoy the benefits of FDIC coverage as customers of EverBank and loan customers will be serviced on EverBank's platform following a transition period.

Immediately following the closing of the sale transaction, Sterling is expected to voluntarily delist its common stock from Nasdaq.

The Company plans to seek shareholder approval and adoption of the Plan of Dissolution at the same special meeting of shareholders at which the sale of the Bank to EverBank will be voted upon.

If the Plan of Dissolution is approved by Sterling's shareholders, Sterling intends to file a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs and distribute all remaining assets, expected to be all cash, to its shareholders.