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The Office of the Comptroller of the Currency Approves the Sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp

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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) ha ricevuto l'approvazione regolamentare dall'Ufficio del Revisore dei Conti per la vendita di Sterling Bank and Trust a EverBank Financial Corp. La transazione, del valore di 261 milioni di dollari in contante, è stata approvata all'unanimità dal consiglio di amministrazione di Sterling e ha ricevuto un supporto schiacciante da parte degli azionisti, con oltre il 99% dei voti espressi a favore, rappresentando il 74% delle azioni in circolazione.

Il completamento della vendita è ora in attesa dell'approvazione regolamentare da parte del Federal Reserve System. Ulteriori condizioni di chiusura, inclusa la vendita del portafoglio di prestiti in comune della Banca a Bayview Acquisitions, dovrebbero essere soddisfatte durante il periodo di attesa.

Sterling Bancorp (NASDAQ: SBT) ha recibido la aprobación regulatoria de la Oficina del Contralor de la Moneda para la venta de Sterling Bank and Trust a EverBank Financial Corp. La transacción, valorada en 261 millones de dólares en efectivo, fue aprobada por unanimidad por la junta de Sterling y recibió un abrumador apoyo de los accionistas, con más del 99% de los votos emitidos a favor, representando el 74% de las acciones en circulación.

La finalización de la venta ahora espera la aprobación regulatoria del Sistema de la Reserva Federal. Se espera que se cumplan condiciones adicionales de cierre, incluida la venta del portafolio de préstamos de la Banca a Bayview Acquisitions, durante el período de espera.

스터링 뱅코프 (NASDAQ: SBT)는 에버뱅크 파이낸셜 코퍼레이션에 스터링 뱅크 앤 트러스트를 판매하기 위한 통화 감사관 사무소의 규제 승인을 받았습니다. 2억 6100만 달러 현금으로 평가된 이 거래는 스터링의 이사회에서 만장일치로 승인되었으며, 주주들의 압도적인 지지를 받았고, 투표의 99% 이상이 찬성하여 발행 주식의 74%를 차지했습니다.

판매 완료는 이제 연방준비제도의 규제 승인을 기다리고 있습니다. 은행의 공동 임대 대출 포트폴리오를 베이뷰 인수에 판매하는 것을 포함한 추가 마감 조건은 대기 기간 내에 충족될 것으로 예상됩니다.

Sterling Bancorp (NASDAQ: SBT) a reçu l'approbation réglementaire du Bureau du Contrôleur de la Monnaie pour la vente de Sterling Bank and Trust à EverBank Financial Corp. La transaction, d'une valeur de 261 millions de dollars en espèces, a été approuvée à l'unanimité par le conseil d'administration de Sterling et a reçu un soutien écrasant des actionnaires, avec plus de 99 % des votes exprimés en faveur, représentant 74 % des actions en circulation.

La finalisation de la vente attend maintenant l'approbation réglementaire du Système de la Réserve Fédérale. D'autres conditions de clôture, y compris la vente du portefeuille de prêts en commun de la Banque à Bayview Acquisitions, devraient être satisfaites pendant la période d'attente.

Sterling Bancorp (NASDAQ: SBT) hat die regulatorische Genehmigung des Office of the Comptroller of the Currency für den Verkauf von Sterling Bank and Trust an EverBank Financial Corp erhalten. Die Transaktion, die mit 261 Millionen Dollar in bar bewertet wird, wurde einstimmig vom Vorstand von Sterling genehmigt und erhielt überwältigende Unterstützung von den Aktionären, wobei über 99 % der abgegebenen Stimmen dafür waren, was 74 % der ausstehenden Aktien entspricht.

Der Abschluss des Verkaufs steht nun noch aus der regulatorischen Genehmigung des Federal Reserve Systems. Weitere Abschlussbedingungen, einschließlich des Verkaufs des gemeinsamen Darlehensportfolios der Bank an Bayview Acquisitions, werden voraussichtlich innerhalb des Wartzeitraums erfüllt.

Positive
  • All-cash transaction valued at $261 million
  • Strong shareholder approval with 99% of votes in favor
  • OCC regulatory approval already secured
Negative
  • Sale still contingent on Federal Reserve approval
  • Must complete sale of tenant-in-common loan portfolio before closing

SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today announced the receipt of regulatory approval from the Office of the Comptroller of the Currency of the Company’s sale of all of the issued and outstanding shares of capital stock of the Bank to EverBank Financial Corp, a Delaware corporation (“EverBank”). In connection with the sale, the Company will receive a fixed purchase price of $261 million in cash pursuant to the definitive Stock Purchase Agreement by and among the Company, the Bank and EverBank, dated September 15, 2024.

The sale transaction was unanimously approved by the Company’s board of directors and was subsequently approved by the shareholders of the Company at the special meeting of shareholders held on December 18, 2024, with more than 99% of the votes cast at the special meeting, and 74% of the Company’s outstanding shares, voted in favor of the sale transaction. Completion of the sale transaction remains subject to the satisfaction of the remaining closing conditions, including receipt of regulatory approval from the Board of Governors of the Federal Reserve System. The closing of the sale transaction is expected to occur promptly following the expiration of all applicable waiting periods once such approval is received. All other remaining closing conditions, including the sale of the Bank’s tenant-in-common loan portfolio to Bayview Acquisitions LLC, are expected to be satisfied within this time period.

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 San Francisco and Los Angeles, California metropolitan areas and New York City. Sterling offers a range of loan products as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Company’s website at http://www.sterlingbank.com.

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, 2024, 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.

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

How much is EverBank paying for Sterling Bank and Trust (SBT)?

EverBank Financial Corp is paying a fixed purchase price of $261 million in cash for Sterling Bank and Trust.

What percentage of SBT shareholders approved the EverBank acquisition?

Over 99% of votes cast at the special meeting, representing 74% of Sterling's outstanding shares, approved the sale.

What regulatory approvals are still needed for the SBT-EverBank deal?

The sale still requires regulatory approval from the Board of Governors of the Federal Reserve System.

When was the Sterling Bank (SBT) sale agreement with EverBank signed?

The definitive Stock Purchase Agreement was signed on September 15, 2024.
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Banks - Regional
Savings Institution, Federally Chartered
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United States
SOUTHFIELD