SBT Overview

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.

Regulatory Approval: Sterling Bancorp has received regulatory approval from the Federal Reserve System for the sale of its bank to EverBank Financial Corp.

Financial Details: The transaction will involve a fixed purchase price of $261 million in cash as per the stock purchase agreement dated September 15, 2024.

Regulatory Approval for Sale: Sterling Bancorp, Inc. has received final regulatory approval from the Federal Reserve for its sale of Sterling Bank and Trust to EverBank Financial Corp for $261 million, with the transaction expected to close on April 1, 2025.

Delisting from Nasdaq: Following the sale, Sterling Bancorp plans to suspend trading of its common stock on Nasdaq and will file for delisting, as part of its Plan of Dissolution approved by shareholders.

Regulatory Approval Received: Sterling Bancorp has received final regulatory approval from the Federal Reserve for its sale to EverBank Financial, completing the necessary approvals for the transaction.

Transaction Details: The sale will involve a fixed purchase price of $261 million in cash and is expected to close before the market opens on April 1, 2024, pending satisfaction of remaining conditions.

Regulatory Approval for Sale: Sterling Bancorp, Inc. has received regulatory approval for the sale of its bank subsidiary to EverBank Financial Corp for $261 million in cash, following unanimous board and shareholder support.

Forward-Looking Statements Caution: The press release includes forward-looking statements regarding the company's future performance and plans, emphasizing that actual results may differ due to various risks and uncertainties.

Regulatory Approval for Sale: Sterling Bancorp has received regulatory approval for the sale of its bank to EverBank Financial, with a fixed purchase price of $261 million in cash. The transaction was approved by the company's board and shareholders, with over 99% voting in favor.

Pending Closing Conditions: The completion of the sale is still subject to additional closing conditions, including final regulatory approval from the Federal Reserve, and is expected to occur soon after all waiting periods are fulfilled.