SBT

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.

Financial Performance: Sterling Bancorp, Inc. reported a fourth quarter net income of $1.2 million and a full-year net income of $2.1 million for 2024, reflecting a decrease from the previous year. The company also noted a decline in total gross loans and an increase in cash and due from banks.

Transaction Announcement: The company has entered into a definitive stock purchase agreement with EverBank Financial Corp for the sale of Sterling Bank and Trust, expected to close in the first quarter of 2025, alongside a plan for dissolution approved by shareholders.

Shareholder Approval: Sterling Bancorp's shareholders have overwhelmingly approved the sale of Sterling Bank to EverBank Financial Corp and the company's dissolution, with over 99% voting in favor during a special meeting.

Next Steps: The completion of the sale is pending regulatory approvals and other customary conditions, with an expected finalization in the first quarter of 2025.

Investigation of Companies: Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the sales of several companies, including Smartsheet Inc., Manitex International, Sterling Bancorp, and Markforged Holding Corporation.

Legal Support for Shareholders: The law firm offers free consultations to shareholders regarding their legal rights and options, potentially seeking increased compensation or additional disclosures from the involved companies.

Investigation of Companies: Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the sales and mergers of several companies, including Sterling Bancorp, Coeur Mining, Smartsheet Inc., and Evans Bancorp.

Legal Rights for Shareholders: Shareholders of the mentioned companies are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options, with the firm offering services on a contingent fee basis.

Investigation of Sale: Former Louisiana Attorney General Charles C. Foti, Jr. and Kahn Swick & Foti, LLC are investigating the proposed sale of Sterling Bank and Trust to EverBank Financial Corp for $261 million, assessing whether this amount adequately values the company.

Legal Rights Inquiry: KSF is inviting individuals who believe the transaction undervalues Sterling Bancorp, Inc. to discuss their legal rights regarding the sale, providing contact information for further inquiries.

Investigation of Companies: Halper Sadeh LLC is investigating Sterling Bancorp, Inc. and WesBanco, Inc. for potential violations of federal securities laws related to their recent transactions involving the sale of Sterling Bank and a merger with Premier Financial Corp.

Legal Support for Shareholders: The law firm offers free consultations to shareholders regarding their legal rights and options, emphasizing that they operate on a contingent fee basis, meaning no upfront costs for legal fees or expenses.

Law Firm Announcement: Monteverde & Associates PC is investigating Sterling Bancorp, Inc. regarding its proposed merger with EverBank Financial Corp, offering free consultations for shareholders concerned about the transaction.

Firm Credentials: The firm, recognized as a Top 50 Class Action Firm, has a successful history of recovering money for shareholders and operates from the Empire State Building in New York City.

Investigation of Companies: Halper Sadeh LLC is investigating potential securities law violations and fiduciary duty breaches related to the sales of Affinity Bank, Sterling Bancorp, and ARC Document Solutions, urging shareholders to understand their rights.

Legal Support for Shareholders: The firm offers legal assistance on a contingent fee basis, allowing shareholders to seek increased transaction consideration and other benefits without upfront costs.

Investigation of Companies: Halper Sadeh LLC is investigating potential securities law violations and breaches of fiduciary duties related to the mergers and sales of CBIZ, Manitex International, and Sterling Bancorp, with a focus on ensuring shareholder rights are protected.

Legal Support for Shareholders: The firm offers free consultations to shareholders affected by these transactions and operates on a contingent fee basis, meaning no upfront legal fees are required from clients.

Investigation of Sale: Former Louisiana Attorney General Charles C. Foti, Jr. and Kahn Swick & Foti, LLC are investigating the proposed sale of Sterling Bank and Trust to EverBank Financial Corp for $261 million, focusing on whether this valuation is adequate.

Legal Rights Inquiry: KSF is inviting individuals who believe the sale undervalues Sterling Bancorp to discuss their legal rights, offering contact information for inquiries without obligation.

Investigation of Companies: Halper Sadeh LLC is investigating Manitex International, Sterling Bancorp, and Alpha Star Acquisition for potential violations of federal securities laws and breaches of fiduciary duties to shareholders related to their recent transactions.

Legal Support for Shareholders: The firm offers free consultations to affected shareholders, aiming to seek increased consideration or additional disclosures regarding the proposed transactions, with no upfront legal fees required.

Investor Rights Investigation: Halper Sadeh LLC is investigating potential violations of federal securities laws and breaches of fiduciary duties related to the sales of Kellanova, Manitex International, Sterling Bancorp, and Cepton, Inc.

Legal Support for Shareholders: The firm offers free consultations to shareholders regarding their legal rights and options, emphasizing that they operate on a contingent fee basis with no upfront costs for clients.

Kuehn Law Investigates Mergers: Kuehn Law, a shareholder litigation firm, is investigating proposed mergers involving companies like Kellanova, Manitex International, Sterling Bancorp, and Cepton to ensure shareholder value maximization and fair processes.

Shareholder Participation Encouraged: Shareholders are urged to get involved in the investigation as their participation is crucial for maintaining fairness in financial markets, with Kuehn Law covering all legal costs.

Investigation Announcement: Rowley Law PLLC is investigating potential securities law violations by Sterling Bancorp, Inc. related to its proposed $261 million acquisition by EverBank Financial Corp, expected to close in Q1 2025.

Shareholder Information: Stockholders of Sterling Bancorp, Inc. can obtain more information about the investigation through Rowley Law PLLC's website or by contacting them directly.