Sterling Bancorp (SBT) said Monday it has agreed to sell Sterling Bank and Trust to EverBank Financial for $261 million in cash.
As a condition for the agreement, trustees for family trusts that own about 38% of Sterling Bancorp's outstanding common stock agreed to vote in favor of the sale. Another condition of the deal required Sterling Bancorp to agree to sell all of its residential tenant-in-common mortgage loans to Bayview Acquisitions.
The sale is expected to close in Q1 of 2025.
Shares of Sterling Bancorp were down 9.4% in recent premarket activity.
Price: 5.21, Change: -0.54, Percent Change: -9.39
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