Sterling Bancorp Shareholders Overwhelmingly Approve Sale of Sterling Bank and Trust to EverBank Financial Corp and Plan of Dissolution

Sterling Bancorp, Inc. announced on December 18, 2024, that its shareholders have voted in favor of the sale of all issued and outstanding shares of capital stock of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp. The approval also included the adoption of the Plan of Dissolution, as confirmed by the Company’s board of directors on September 15, 2024.

The special meeting held by Sterling Bancorp virtually saw an impressive level of support, with more than 99% of the votes cast favoring the sale and dissolution. This equated to 74% of the outstanding shares being voted in favor of the transactions.

Thomas O’Brien, the President and Chief Executive Officer of Sterling Bancorp, expressed his satisfaction with the outcome, stating, “We are very pleased with the overwhelming support for the sale and dissolution by our shareholders, as evidenced by the outcome of the meeting held today.”

The completion of the sale is subject to meeting customary closing conditions, which include obtaining necessary regulatory approvals. Assuming these conditions are met, the Company anticipates finalizing the sale transaction in the first quarter of 2025.

A press release issued by Sterling Bancorp announced that the detailed voting results from the Special Meeting will be included in the Company’s Form 8-K, anticipated to be filed around December 20, 2024.

Sterling Bancorp, Inc. is a unitary thrift holding company, with its subsidiary Sterling Bank and Trust, F.S.B., operating primarily in San Francisco, Los Angeles, and New York City. The company offers various loan products, retail, and business banking services. Additional details about Sterling Bancorp can be found on its website at www.sterlingbank.com.

Investors with inquiries can reach out to Karen Knott, the Executive Vice President, and Chief Financial Officer of Sterling Bancorp, Inc., at (248) 359-6624 or via email at [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sterling Bancorp’s 8K filing here.

Sterling Bancorp Company Profile

Sterling Bancorp, Inc is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services.