Sterling Bancorp Stock Price, News & Analysis

Sterling Bancorp (NASDAQ: SBT) has completed the sale of Sterling Bank and Trust to EverBank Financial Corp for $261 million in cash, effective April 1, 2025. Following the transaction, Sterling Bank will merge with EverBank, National Association, with all branches except Michigan transitioning to EverBank branches.

The company will file for dissolution with Michigan authorities and delist from Nasdaq Capital Market. Sterling's Michigan branch was closed on March 31, 2025. Four directors - Peggy Daitch, Tracey Dedrick, Benjamin Wineman, and Eboh Okorie - have resigned from their positions following the sale's completion.

Sterling Bancorp (NASDAQ: SBT) has received final regulatory approval from the Federal Reserve Board for its sale to EverBank Financial Corp. The transaction, valued at $261 million in cash, is set to close on April 1, 2025.

The deal involves EverBank acquiring all issued and outstanding shares of Sterling Bank and Trust's capital stock. Earlier, EverBank had already secured approval from the Office of the Comptroller of the Currency.

Upon transaction completion, Sterling will delist from Nasdaq, with trading suspension planned before market opening on the closing date. The company will implement its approved Plan of Dissolution, with the closing date serving as the record date for all shareholder distributions.

Sterling Bancorp (NASDAQ: SBT) has received regulatory approval from the Office of the Comptroller of the Currency for the sale of Sterling Bank and Trust to EverBank Financial Corp. The transaction, valued at $261 million in cash, was unanimously approved by Sterling's board and received overwhelming shareholder support with over 99% of votes cast in favor, representing 74% of outstanding shares.

The sale completion now awaits regulatory approval from the Federal Reserve System. Additional closing conditions, including the sale of the Bank's tenant-in-common loan portfolio to Bayview Acquisitions , are expected to be satisfied within the waiting period.

Sterling Bancorp (NASDAQ: SBT) reported fourth quarter 2024 net income of $1.2 million ($0.02 per diluted share) and full-year net income of $2.1 million ($0.04 per diluted share), down from $7.4 million in 2023. The company maintained total assets of $2.4 billion and total deposits of $2.1 billion.

Key financial metrics include a fourth quarter net interest margin of 2.24%, nonperforming loans at $14.6 million (1.26% of total loans), and shareholders' equity of $334.0 million. The company reported a significant recovery of credit losses of $4.2 million in Q4 and $8.5 million for the full year.

Notably, Sterling has entered into a definitive agreement with EverBank Financial Corp to sell the Bank for $261.0 million, with the transaction expected to close in Q1 2025. Following the sale, Sterling plans to dissolve under Michigan law, as approved by shareholders on December 18, 2024.

Sterling Bancorp (NASDAQ: SBT) shareholders have overwhelmingly approved the sale of Sterling Bank and Trust to EverBank Financial Corp, with over 99% of votes cast and 74% of outstanding shares supporting the transaction. The shareholders also approved the Plan of Dissolution and advisory compensation for named executive officers. The sale transaction, which remains subject to regulatory approvals and customary closing conditions, is expected to complete in the first quarter of 2025.

Sterling Bancorp (NASDAQ: SBT) reported a net loss of $(0.1) million, or $(0.00) per diluted share, for Q3 2024, compared to net income of $1.3 million in Q2 2024. The company announced a definitive agreement with EverBank Financial Corp to purchase Sterling Bank for $261.0 million, expected to close in Q1 2025. Key metrics include: total assets of $2.4 billion (up 3%), total deposits of $2.1 billion (up 3%), and total gross loans of $1.2 billion (down 3%). Net interest margin decreased to 2.30% from 2.44% in Q2. The company maintains strong capital positions with a leverage ratio of 14.18%.

Sterling Bancorp (NASDAQ: SBT) has announced the sale of its subsidiary, Sterling Bank and Trust, to EverBank Financial Corp for $261 million in cash. The transaction is expected to close in Q1 2025, subject to regulatory and shareholder approvals. Concurrently, Sterling has adopted a Plan of Dissolution following the sale.

Key points:

• Sale price: $261 million in cash
• Closing expected: Q1 2025
• 38% of shareholders committed to voting in favor
• Bank's residential tenant-in-common mortgage loans to be sold to Bayview Acquisitions
• Cash distributions to shareholders in two stages post-sale
• Final distribution expected no earlier than 6 months after closing

Sterling Bancorp (NASDAQ: SBT) reported net income of $1.3 million, or $0.03 per diluted share, for Q2 2024. Key highlights include:

- Net interest margin of 2.44%
- Nonperforming loans at 0.97% of total loans
- Recovery of credit losses of $2.1 million
- Total deposits of $2.0 billion
- Total gross loans of $1.3 billion
- Shareholders' equity of $328.9 million

The company's focus remains on protecting book value and financial position while exploring opportunities to reposition and increase net income. Credit quality and capital ratios remain strong, with some growth in the commercial portfolio offsetting declining residential loans.

Sterling Bancorp, the holding company for Sterling Bank and Trust, announced it will release its second-quarter 2024 financial results on July 24, 2024, before the market opens.

The company will host a conference call and webcast at 11 AM Eastern Time on the same day to discuss these results. U.S. callers can access the call at (833) 535-2201, and international callers can dial (412) 902-6744. A replay will be available until July 31, 2024, via (877) 344-7529 for U.S. and (412) 317-0088 for international callers, using conference ID 2233158. Additionally, a live webcast will be available on the company's Investor Relations website, with an archived version accessible shortly after the live call.