SBT News & Events

Sterling Bancorp announced the receipt of regulatory approval from the Board of Governors of the Federal Reserve System of the company's sale of all of the issued and outstanding shares of capital stock of the Bank to EverBank Financial, which is the final regulatory approval needed to complete the sale transaction. The company announced earlier that EverBank had received regulatory approval for the transaction from the Office of the Comptroller of the Currency. In connection with the sale, the company will receive a fixed purchase price of $261M in cash pursuant to the definitive Stock Purchase Agreement by and among the company, the Bank and EverBank, dated September 15, 2024. The company and EverBank have agreed that the closing of the sale transaction will occur before the market opens on April 1, subject to the satisfaction of the remaining closing conditions, all of which are expected to be satisfied.

Sterling Bancorp announced the receipt of regulatory approval from the Office of the Comptroller of the Currency of the company's sale of all of the issued and outstanding shares of capital stock of the bank to EverBank Financial. In connection with the sale, the company will receive a fixed purchase price of $261M in cash pursuant to the definitive stock purchase agreement by and among the company, the bank and EverBank, dated September 15, 2024. The sale transaction was unanimously approved by the company's board of directors and was subsequently approved by the shareholders of the company at the special meeting of shareholders held on December 18, 2024, with more than 99% of the votes cast at the special meeting, and 74% of the company's outstanding shares, voted in favor of the sale transaction. Completion of the sale transaction remains subject to the satisfaction of the remaining closing conditions, including receipt of regulatory approval from the Board of Governors of the Federal Reserve System. The closing of the sale transaction is expected to occur promptly following the expiration of all applicable waiting periods once such approval is received. All other remaining closing conditions, including the sale of the Bank's tenant-in-common loan portfolio to Bayview Acquisitions, are expected to be satisfied within this time period.

The Company reported net income of $1.2M or 2c per diluted share, for the quarter ended December 31 compared to a net loss of $(0.1) M or 0c per diluted share, for the quarter ended September 30. ..As previously disclosed, on September 15, Sterling, the Bank and EverBank Financial entered into a definitive stock purchase agreement providing for the purchase by EverBank of all of the issued and outstanding shares of capital stock of the Bank from Sterling for cash consideration of $261M. Also on September 15 Sterling's board of directors unanimously approved a plan of dissolution providing for the dissolution of Sterling under Michigan law following the closing of the Transaction. The Company's shareholders approved the definitive stock purchase agreement for the Transaction and the plan of dissolution at a Special Meeting of Shareholders held on December 18. The Transaction is expected to close in the first quarter of 2025. The Transaction is subject to customary closing conditions, including the receipt of required regulatory approvals. Net interest income for the fourth quarter of 2024 was $13.5 million compared to $13.6 million for the prior quarter of 2024 and $15.1 million for the fourth quarter of 2023. The net interest margin of 2.24% for the fourth quarter of 2024 decreased from the prior quarter's net interest margin of 2.30% and decreased from the net interest margin of 2.52% for the fourth quarter of 2023. .