Federal Reserve Board Approves the Acquisition of Sterling Bank and Trust, F.S.B. by EverBank Financial Corp
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) ha ricevuto l'approvazione finale da parte del Consiglio della Federal Reserve per la sua vendita a EverBank Financial Corp. La transazione, del valore di 261 milioni di dollari in contante, è prevista per chiudere il 1 aprile 2025.
Il contratto prevede che EverBank acquisisca tutte le azioni emesse e in circolazione del capitale di Sterling Bank and Trust. In precedenza, EverBank aveva già ottenuto l'approvazione dall'Ufficio del Revisore della Moneta.
Al termine della transazione, Sterling si ritirerà da Nasdaq, con la sospensione delle negoziazioni prevista prima dell'apertura del mercato nella data di chiusura. L'azienda attuerà il suo Piano di Liquidazione approvato, con la data di chiusura che fungerà da data di registrazione per tutte le distribuzioni agli azionisti.
Sterling Bancorp (NASDAQ: SBT) ha recibido la aprobación regulatoria final por parte de la Junta de la Reserva Federal para su venta a EverBank Financial Corp. La transacción, valorada en 261 millones de dólares en efectivo, está programada para cerrarse el 1 de abril de 2025.
El acuerdo implica que EverBank adquiera todas las acciones emitidas y en circulación del capital de Sterling Bank and Trust. Anteriormente, EverBank ya había asegurado la aprobación de la Oficina del Contralor de la Moneda.
Al completarse la transacción, Sterling se eliminará de Nasdaq, con una suspensión de operaciones planificada antes de la apertura del mercado en la fecha de cierre. La empresa implementará su Plan de Disolución aprobado, con la fecha de cierre sirviendo como la fecha de registro para todas las distribuciones a los accionistas.
스터링 뱅코프 (NASDAQ: SBT)는 에버뱅크 파이낸셜 코퍼레이션에 대한 판매에 대해 연방준비제도이사회로부터 최종 규제 승인을 받았습니다. 이 거래는 2억 6100만 달러 현금으로 평가되며, 2025년 4월 1일에 마감될 예정입니다.
이번 거래는 에버뱅크가 스터링 뱅크 앤드 트러스트의 발행된 모든 주식과 유통 주식을 인수하는 내용을 포함합니다. 이전에 에버뱅크는 통화감독청의 승인을 이미 확보한 바 있습니다.
거래 완료 후, 스터링은 나스닥에서 상장 폐지되며, 마감일에 시장 개장 전에 거래 중단이 계획되어 있습니다. 회사는 승인된 청산 계획을 시행할 것이며, 마감일은 모든 주주 분배에 대한 기록일로 사용됩니다.
Sterling Bancorp (NASDAQ: SBT) a reçu l'approbation réglementaire finale du Conseil de la Réserve fédérale pour sa vente à EverBank Financial Corp. La transaction, d'une valeur de 261 millions de dollars en espèces, devrait se clôturer le 1er avril 2025.
L'accord implique qu'EverBank acquiert toutes les actions émises et en circulation du capital de Sterling Bank and Trust. Auparavant, EverBank avait déjà obtenu l'approbation de l'Office du Contrôleur de la Monnaie.
À l'issue de la transaction, Sterling se retirera de Nasdaq, avec une suspension des échanges prévue avant l'ouverture du marché à la date de clôture. L'entreprise mettra en œuvre son Plan de Liquidation approuvé, la date de clôture servant de date d'enregistrement pour toutes les distributions aux actionnaires.
Sterling Bancorp (NASDAQ: SBT) hat die endgültige regulatorische Genehmigung der Federal Reserve Board für den Verkauf an EverBank Financial Corp erhalten. Die Transaktion, die mit 261 Millionen Dollar in bar bewertet wird, soll am 1. April 2025 abgeschlossen werden.
Das Geschäft umfasst den Erwerb aller ausgegebenen und ausstehenden Aktien des Stammkapitals von Sterling Bank and Trust durch EverBank. Zuvor hatte EverBank bereits die Genehmigung des Office of the Comptroller of the Currency erhalten.
Nach Abschluss der Transaktion wird Sterling von Nasdaq delistet, wobei eine Handelsaussetzung vor der Markteröffnung am Abschlussdatum geplant ist. Das Unternehmen wird seinen genehmigten Liquidationsplan umsetzen, wobei das Abschlussdatum als Stichtag für alle Ausschüttungen an die Aktionäre dient.
- All-cash transaction of $261 million provides immediate value to shareholders
- All necessary regulatory approvals obtained for the acquisition
- Clear timeline established for transaction closing and shareholder distributions
- Complete delisting from Nasdaq will reduce stock liquidity
- Company dissolution following sale means end of independent operations
Insights
The Federal Reserve approval of EverBank's acquisition of Sterling Bank represents a significant milestone for Sterling Bancorp shareholders. With a
The transaction structure is straightforward - a complete sale and subsequent dissolution of Sterling Bancorp. The April 1 closing date will serve as the record date for all shareholder distributions under the previously approved Plan of Dissolution. This means Sterling shareholders will receive cash proceeds rather than equity in the acquiring entity.
From a valuation perspective, this deal removes market uncertainty for Sterling shareholders amid ongoing challenges in the regional banking sector. The transaction has now cleared all regulatory hurdles with both Federal Reserve and OCC approvals secured, eliminating regulatory risk from the equation. With Sterling set to delist from Nasdaq upon completion, investors should prepare for the upcoming distribution process rather than considering further trading strategies in the stock.
The defined closing timeline with all approvals now in place provides shareholders with clarity and certainty - valuable commodities in financial markets. While the premium isn't substantial, the transaction offers shareholders a clean exit at a predetermined value without exposure to potential banking sector volatility.
The Federal Reserve Board's approval represents the final regulatory clearance needed for this banking transaction, coming after the earlier OCC approval announced the same day. This dual regulatory sign-off indicates the transaction satisfies both primary banking regulators' requirements for safety, soundness, and competitive considerations.
The April 1 closing date is strategically positioned at the beginning of Q2, allowing for clean quarter-end reporting for both institutions. The regulatory approval process appears to have proceeded without unusual delays or conditions, suggesting regulators found no significant concerns with the transaction structure or the acquiring institution's capacity to integrate Sterling's operations.
The delisting process outlined follows standard procedure for an acquired public company, with trading suspension prior to market opening on the closing date and formal delisting after market close. Sterling's plan to file Form 25 with the SEC properly notifies the market of the common stock's delisting under Section 12(b) of the Securities Exchange Act.
For Sterling shareholders, the company's decision to close its record books at the end of the closing date establishes a clear record date for dissolution distributions. This approach complies with dissolution best practices and provides a definitive cutoff for shareholder eligibility. The transaction's structured wind-down process demonstrates proper governance and regulatory compliance throughout the dissolution phase, offering shareholders an orderly exit through a properly supervised process.
Closing Date Set for April 1, 2025;
Sterling Bancorp, Inc. to Delist From Nasdaq Upon Completion of Sale
The Company and EverBank have agreed that the closing of the sale transaction will occur before the market opens on April 1, 2025, subject to the satisfaction of the remaining closing conditions, all of which are expected to be satisfied.
The Company also announced that, in connection with the receipt of all regulatory approvals required for the sale transaction, the Company will notify the Nasdaq Capital Market (“Nasdaq”) of the anticipated closing date and the Company’s intent to request that Nasdaq (i) suspend trading of the Company’s common stock prior to the opening of trading on the closing date and (ii) withdraw the Company’s common stock from listing on Nasdaq after the close of trading on the closing date. At that time, the Company will file with the SEC a notification on Form 25 of the delisting of the Company’s common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. As a result, the Company intends that its common stock will no longer be listed on Nasdaq following the close of trading on the closing date.
Consistent with the plan of dissolution adopted by the Company’s board of directors and approved by the Company’s shareholders (the “Plan of Dissolution”), the Company intends to close the record books of the Company as of the close of business on the closing date, and set the closing date as the record date for all distributions to shareholders pursuant to the Plan of Dissolution. Further information regarding distributions will be made available on or around the closing date.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in the
Forward-Looking Statements
This Press Release contains certain statements that are, or may be deemed to be, “forward-looking statements” regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance, including any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “believe,” “expect,” “continue,” “will,” “estimate,” “intend,” “plan,” “anticipate,” and “would” or the negative versions of those words or other comparable words or phrases of a future or forward-looking nature, though the absence of these words does not mean a statement is not forward-looking. All statements other than statements of historical facts, including but not limited to statements regarding the economy and financial markets, threatened litigation, credit quality, the regulatory scheme governing our industry, competition in our industry, interest rates, our liquidity, our business and our governance, are forward-looking statements. We have based the forward-looking statements in this Press Release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy and financial needs. These forward-looking statements are not historical facts, and they are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. There can be no assurance that future developments will be those that have been anticipated. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. The risks, uncertainties and other factors detailed from time to time in our public filings, including those included in the disclosures under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2025, subsequent periodic reports and future periodic reports, could affect future results and events, causing those results and events to differ materially from those views expressed or implied in the Company’s forward-looking statements. These risks are not exhaustive. Other sections of this Press Release and our filings with the Securities and Exchange Commission include additional factors that could adversely impact our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Press Release. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. The Company disclaims any obligation to update, revise, or correct any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250314595201/en/
Investor Contact:
Sterling Bancorp, Inc.
Karen Knott
Executive Vice President and Chief Financial Officer
(248) 359-6624
kzaborney@sterlingbank.com
Source: Sterling Bancorp, Inc.
FAQ
What is the purchase price for Sterling Bancorp (SBT) acquisition by EverBank?
When will Sterling Bancorp (SBT) be delisted from Nasdaq?
What regulatory approvals has the Sterling Bancorp (SBT) acquisition received?
When will SBT shareholders receive distributions under the Plan of Dissolution?
