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
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 01 2025
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Source: Yahoo Finance
Initial Liquidating Distribution: Sterling Bancorp has declared an initial liquidating distribution of $4.85 per share, totaling approximately $252 million, to be paid on April 8, 2025, as part of its Plan of Dissolution following the sale of its banking subsidiary.
Leadership Changes and Future Plans: Following the sale, Thomas M. O’Brien has stepped down as CEO while Steven E. Gallotta has been appointed Chairman; the company plans to wind down operations and make a final cash distribution to shareholders after settling debts and liabilities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
