Welcome to our dedicated page for Sterling Bancorp news (Ticker: SBT), a resource for investors and traders seeking the latest updates and insights on Sterling Bancorp stock.
This page provides a historical news archive for Sterling Bancorp, Inc. (SBT), a former unitary thrift holding company in the savings institutions segment of the finance and insurance sector. The news flow around SBT focuses on its role as the parent of Sterling Bank and Trust, F.S.B., its financial performance, and the strategic decisions that led to the sale of the Bank and the dissolution of the holding company.
Readers can review announcements detailing the company’s quarterly and annual financial results, including information on net interest income, net interest margin, loan portfolio trends, deposit levels, asset quality metrics and capital ratios. These releases describe how Sterling managed its balance sheet, credit quality and liquidity as a thrift holding company with a subsidiary bank offering a range of loan products and retail and business banking services.
The archive also covers key corporate events, including the September 15, 2024 definitive stock purchase agreement with EverBank Financial Corp for the sale of all of the issued and outstanding shares of capital stock of Sterling Bank and Trust, F.S.B., shareholder approval of that transaction and the Plan of Dissolution, and subsequent regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve Board. Later news items document the closing of the sale, the merger of the Bank into EverBank, National Association, the decision to delist SBT from the Nasdaq Capital Market, and the filing of a certificate of dissolution for Sterling Bancorp, Inc.
For investors and researchers, this news history helps explain how Sterling transitioned from operating a bank-focused thrift holding company to winding down and distributing cash to shareholders under its Plan of Dissolution. Users interested in the evolution of SBT, its strategic alternatives process, and the final sale and liquidation can consult these articles as a detailed chronological record.
Sterling Bancorp (NASDAQ: SBT) has announced an initial liquidating distribution of $4.85 per share (approximately $252 million), payable on April 8, 2025, to shareholders of record as of April 1, 2025. The company has closed its stock transfer books and initiated delisting from Nasdaq Capital Market.
The company plans to suspend its SEC periodic reporting obligations and intends to make a final cash distribution after completing wind-down operations and addressing creditor obligations. Following the initial distribution, Sterling will retain approximately $16 million in cash for wind-down operations.
In connection with these changes, Thomas M. O'Brien has stepped down as Chairman, President and CEO, with Steven E. Gallotta appointed as new Board Chairman. Karen Knott and Christine Meredith will continue as consultants, with Meredith serving as President and Knott maintaining her role as CFO and Treasurer.
Sterling Bancorp (NASDAQ: SBT) has completed the sale of Sterling Bank and Trust to EverBank Financial Corp for $261 million in cash, effective April 1, 2025. Following the transaction, Sterling Bank will merge with EverBank, National Association, with all branches except Michigan transitioning to EverBank branches.
The company will file for dissolution with Michigan authorities and delist from Nasdaq Capital Market. Sterling's Michigan branch was closed on March 31, 2025. Four directors - Peggy Daitch, Tracey Dedrick, Benjamin Wineman, and Eboh Okorie - have resigned from their positions following the sale's completion.
Sterling Bancorp (NASDAQ: SBT) has received final regulatory approval from the Federal Reserve Board for its sale to EverBank Financial Corp. The transaction, valued at $261 million in cash, is set to close on April 1, 2025.
The deal involves EverBank acquiring all issued and outstanding shares of Sterling Bank and Trust's capital stock. Earlier, EverBank had already secured approval from the Office of the Comptroller of the Currency.
Upon transaction completion, Sterling will delist from Nasdaq, with trading suspension planned before market opening on the closing date. The company will implement its approved Plan of Dissolution, with the closing date serving as the record date for all shareholder distributions.
Sterling Bancorp (NASDAQ: SBT) has received regulatory approval from the Office of the Comptroller of the Currency for the sale of Sterling Bank and Trust to EverBank Financial Corp. The transaction, valued at $261 million in cash, was unanimously approved by Sterling's board and received overwhelming shareholder support with over 99% of votes cast in favor, representing 74% of outstanding shares.
The sale completion now awaits regulatory approval from the Federal Reserve System. Additional closing conditions, including the sale of the Bank's tenant-in-common loan portfolio to Bayview Acquisitions , are expected to be satisfied within the waiting period.
Sterling Bancorp (NASDAQ: SBT) reported fourth quarter 2024 net income of $1.2 million ($0.02 per diluted share) and full-year net income of $2.1 million ($0.04 per diluted share), down from $7.4 million in 2023. The company maintained total assets of $2.4 billion and total deposits of $2.1 billion.
Key financial metrics include a fourth quarter net interest margin of 2.24%, nonperforming loans at $14.6 million (1.26% of total loans), and shareholders' equity of $334.0 million. The company reported a significant recovery of credit losses of $4.2 million in Q4 and $8.5 million for the full year.
Notably, Sterling has entered into a definitive agreement with EverBank Financial Corp to sell the Bank for $261.0 million, with the transaction expected to close in Q1 2025. Following the sale, Sterling plans to dissolve under Michigan law, as approved by shareholders on December 18, 2024.
Sterling Bancorp (NASDAQ: SBT) shareholders have overwhelmingly approved the sale of Sterling Bank and Trust to EverBank Financial Corp, with over 99% of votes cast and 74% of outstanding shares supporting the transaction. The shareholders also approved the Plan of Dissolution and advisory compensation for named executive officers. The sale transaction, which remains subject to regulatory approvals and customary closing conditions, is expected to complete in the first quarter of 2025.
Sterling Bancorp (NASDAQ: SBT) reported a net loss of $(0.1) million, or $(0.00) per diluted share, for Q3 2024, compared to net income of $1.3 million in Q2 2024. The company announced a definitive agreement with EverBank Financial Corp to purchase Sterling Bank for $261.0 million, expected to close in Q1 2025. Key metrics include: total assets of $2.4 billion (up 3%), total deposits of $2.1 billion (up 3%), and total gross loans of $1.2 billion (down 3%). Net interest margin decreased to 2.30% from 2.44% in Q2. The company maintains strong capital positions with a leverage ratio of 14.18%.
Sterling Bancorp (NASDAQ: SBT) has announced the sale of its subsidiary, Sterling Bank and Trust, to EverBank Financial Corp for $261 million in cash. The transaction is expected to close in Q1 2025, subject to regulatory and shareholder approvals. Concurrently, Sterling has adopted a Plan of Dissolution following the sale.
Key points:
- Sale price: $261 million in cash
- Closing expected: Q1 2025
- 38% of shareholders committed to voting in favor
- Bank's residential tenant-in-common mortgage loans to be sold to Bayview Acquisitions
- Cash distributions to shareholders in two stages post-sale
- Final distribution expected no earlier than 6 months after closing
Sterling Bancorp (NASDAQ: SBT) reported net income of $1.3 million, or $0.03 per diluted share, for Q2 2024. Key highlights include:
- Net interest margin of 2.44%
- Nonperforming loans at 0.97% of total loans
- Recovery of credit losses of $2.1 million
- Total deposits of $2.0 billion
- Total gross loans of $1.3 billion
- Shareholders' equity of $328.9 million
The company's focus remains on protecting book value and financial position while exploring opportunities to reposition and increase net income. Credit quality and capital ratios remain strong, with some growth in the commercial portfolio offsetting declining residential loans.
Sterling Bancorp, the holding company for Sterling Bank and Trust, announced it will release its second-quarter 2024 financial results on July 24, 2024, before the market opens.
The company will host a conference call and webcast at 11 AM Eastern Time on the same day to discuss these results. U.S. callers can access the call at (833) 535-2201, and international callers can dial (412) 902-6744. A replay will be available until July 31, 2024, via (877) 344-7529 for U.S. and (412) 317-0088 for international callers, using conference ID 2233158. Additionally, a live webcast will be available on the company's Investor Relations website, with an archived version accessible shortly after the live call.