Sterling Bancorp Announces Declaration of Initial Liquidating Distribution; Stock Transfer Books Closed; Mr. Thomas M. O’Brien Steps Down as Chairman, President and Chief Executive Officer
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) ha annunciato una distribuzione iniziale di liquidazione di $4,85 per azione (circa $252 milioni), che sarà pagata il 8 aprile 2025, agli azionisti registrati al 1 aprile 2025. L'azienda ha chiuso i suoi libri di trasferimento azionario e ha avviato il processo di delisting dal Nasdaq Capital Market.
L'azienda prevede di sospendere i suoi obblighi di reporting periodico presso la SEC e intende effettuare una distribuzione finale in contante dopo aver completato le operazioni di liquidazione e aver affrontato gli obblighi verso i creditori. Dopo la distribuzione iniziale, Sterling manterrà circa $16 milioni in contante per le operazioni di liquidazione.
In relazione a questi cambiamenti, Thomas M. O'Brien si è dimesso da Presidente, Presidente e CEO, con Steven E. Gallotta nominato nuovo Presidente del Consiglio. Karen Knott e Christine Meredith continueranno come consulenti, con Meredith che assumerà il ruolo di Presidente e Knott che manterrà il suo ruolo di CFO e Tesoriere.
Sterling Bancorp (NASDAQ: SBT) ha anunciado una distribución inicial de liquidación de $4.85 por acción (aproximadamente $252 millones), que se pagará el 8 de abril de 2025, a los accionistas registrados al 1 de abril de 2025. La compañía ha cerrado sus libros de transferencia de acciones e iniciado el proceso de deslistado del Nasdaq Capital Market.
La empresa planea suspender sus obligaciones de informes periódicos ante la SEC e intenta realizar una distribución final en efectivo después de completar las operaciones de liquidación y atender las obligaciones con los acreedores. Tras la distribución inicial, Sterling retendrá aproximadamente $16 millones en efectivo para las operaciones de liquidación.
En relación con estos cambios, Thomas M. O'Brien ha renunciado como Presidente, Presidente y CEO, y Steven E. Gallotta ha sido nombrado nuevo Presidente de la Junta. Karen Knott y Christine Meredith continuarán como consultoras, con Meredith desempeñando el cargo de Presidenta y Knott manteniendo su papel como CFO y Tesorera.
Sterling Bancorp (NASDAQ: SBT)는 주당 $4.85 (약 $2억 5천 2백만 달러)의 초기 청산 분배를 발표했으며, 이는 2025년 4월 1일 기준 주주에게 2025년 4월 8일에 지급될 예정입니다. 회사는 주식 이전 장부를 닫고 Nasdaq Capital Market에서 상장 폐지를 시작했습니다.
회사는 SEC 정기 보고 의무를 중단할 계획이며, 청산 작업을 완료하고 채권자 의무를 해결한 후 최종 현금 분배를 할 예정입니다. 초기 분배 후, Sterling은 청산 작업을 위해 약 $1천 6백만 달러의 현금을 보유할 것입니다.
이와 관련하여 Thomas M. O'Brien은 회장, 사장 및 CEO직에서 물러났고, Steven E. Gallotta가 새로운 이사회 의장으로 임명되었습니다. Karen Knott와 Christine Meredith는 계속해서 자문 역할을 하며, Meredith는 사장직을, Knott는 CFO 및 재무 담당자로서의 역할을 유지할 것입니다.
Sterling Bancorp (NASDAQ: SBT) a annoncé une distribution de liquidation initiale de 4,85 $ par action (environ 252 millions $), payable le 8 avril 2025, aux actionnaires enregistrés au 1er avril 2025. L'entreprise a fermé ses livres de transfert d'actions et a initié le processus de radiation du Nasdaq Capital Market.
L'entreprise prévoit de suspendre ses obligations de reporting périodique auprès de la SEC et envisage de procéder à une distribution finale en espèces après avoir terminé les opérations de liquidation et satisfait aux obligations envers les créanciers. Après la distribution initiale, Sterling conservera environ 16 millions $ en espèces pour les opérations de liquidation.
En lien avec ces changements, Thomas M. O'Brien a démissionné de ses fonctions de Président, Président et CEO, et Steven E. Gallotta a été nommé nouveau Président du Conseil. Karen Knott et Christine Meredith continueront en tant que consultants, Meredith occupant le poste de Présidente et Knott conservant son rôle de CFO et Trésorière.
Sterling Bancorp (NASDAQ: SBT) hat eine anfängliche Liquidationsverteilung von 4,85 $ pro Aktie (ca. 252 Millionen $) angekündigt, die am 8. April 2025 an die am 1. April 2025 registrierten Aktionäre ausgezahlt wird. Das Unternehmen hat seine Aktienübertragungsbücher geschlossen und den Delisting-Prozess vom Nasdaq Capital Market eingeleitet.
Das Unternehmen plant, seine regelmäßigen Berichtspflichten gegenüber der SEC auszusetzen und beabsichtigt, eine endgültige Barauszahlung nach Abschluss der Liquidationsarbeiten und der Erfüllung der Gläubigerverpflichtungen vorzunehmen. Nach der anfänglichen Verteilung wird Sterling etwa 16 Millionen $ in bar für die Liquidationsarbeiten zurückbehalten.
Im Zusammenhang mit diesen Veränderungen ist Thomas M. O'Brien als Vorsitzender, Präsident und CEO zurückgetreten, während Steven E. Gallotta als neuer Vorsitzender des Vorstands ernannt wurde. Karen Knott und Christine Meredith werden weiterhin als Berater tätig sein, wobei Meredith die Rolle der Präsidentin übernimmt und Knott ihre Rolle als CFO und Schatzmeisterin beibehält.
- Initial liquidating distribution of $4.85 per share ($252 million) announced
- Clear succession plan with new management structure in place
- Company delisting from Nasdaq Capital Market
- Suspension of SEC periodic reporting obligations
- Pending liabilities from shareholder and former executive demands
- Uncertainty regarding timing and amount of final distribution
Insights
Sterling Bancorp's announcement represents a significant milestone in its Plan of Dissolution, offering shareholders
The company's delisting from Nasdaq and closure of stock transfer books signals the formal wind-down phase has begun. After this distribution, Sterling will retain approximately
What's particularly noteworthy is the uncertainty surrounding any final distribution. While the company intends to make one after settling all obligations, they explicitly cannot determine timing or amount. This creates a binary outcome for the remaining
The leadership transition with O'Brien stepping down while remaining on the board is procedurally appropriate for this stage of dissolution, as the company shifts from operational management to liquidation oversight.
The Company intends to make a final cash distribution to shareholders subject to first completing the wind down of the Company and paying or providing for the Company’s creditors and existing and reasonably foreseeable debts, liabilities, and obligations in accordance with
The Company also announced that Thomas M. O’Brien has stepped down as Chairman, President and Chief Executive Officer in connection with the closing of the sale of the Bank, but will remain on the Board. Steven E. Gallotta has been appointed Chairman of the Board. Karen Knott and Christine Meredith will stay on as consultants to the Company post-closing, with Ms. Meredith to serve as President and Ms. Knott to continue in her role as Chief Financial Officer and Treasurer.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is the former unitary thrift holding company of Sterling Bank and Trust, F.S.B. On April 1, 2025, the Company completed the sale of the Bank to EverBank Financial Corp and filed a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs in order to wind down and dissolve the Company in accordance with
Forward-Looking Statements
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Investor Contact:
Sterling Bancorp, Inc.
Karen Knott
Chief Financial Officer and Treasurer
(248) 359-6624
kzaborney@sterling-hc.com
Source: Sterling Bancorp, Inc.