The latest announcement is out from Sterling Bancorp ( (SBT) ).
Sterling Bancorp, Inc. has struck a definitive agreement to sell Sterling Bank and Trust for $261 million to EverBank Financial Corp. This strategic move includes a prior mortgage loan sale to Bayview Acquisitions and is followed by a dissolution plan for Sterling. The deal, backed by Sterling’s board and major shareholders, is set to close in the first quarter of 2025, subject to regulatory and shareholder approvals. After the sale, Sterling intends to delist from Nasdaq and wind down operations in accordance with Michigan law, distributing proceeds to its shareholders in two stages.
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