BUZZ-Sterling Bancorp tumbles after agreeing to $261 mln sale

Reuters

Sep 16, 2024

** Sterling Bancorp's shares plunge 18.3% after the company agrees to $261 mln sale of its banking unit, Sterling Bank

** SBT will sell the unit to Florida-based EverBank Financial Corp

** The price tag is 13% lower than SBT's market capitalization last week

** Investment management firm Bayview Acquisitions has agreed to buy the banking arm's residential tenant-in-common mortgage loans

** SBT will wind down after the deal

** Holding companies like SBT are often shuttered after they offload their banking units, which are their primary assets

** Ultimately, Sterling's board determined that there was no practical way to pursue any form of standalone independent operations - CEO Thomas O'Brien

** As of Friday, SBT had fallen marginally this year

(Reporting by Niket Nishant in Bengaluru)

((Niket.Nishant@thomsonreuters.com;))

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CEO Thomas O'Brien</p><p>   ** As of Friday, SBT had fallen marginally this year</p><p> (Reporting by Niket Nishant in Bengaluru)</p><p>((Niket.Nishant@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SBT","symbol_name":"Sterling Bancorp, Inc.","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2467584640","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2467584640","pubTimestamp":1726497101,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"** Sterling Bancorp's    shares plunge 18.3% after the company agrees to $261 mln sale of its banking unit, Sterling Bank   ** SBT will sell the unit to Florida-based EverBank Financial Corp   ** The price tag is 13% lower than SBT's market capitalization last week    ** Investment management firm Bayview Acquisitions has agreed to buy the banking arm's residential tenant-in-common mortgage loans    ** SBT will wind down after the deal   ** Holding companies like SBT are often shuttered after they offload their banking units, which are their primary assets   ** Ultimately, Sterling's board determined that there was no practical way to pursue any form of standalone independent operations - 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