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EverBank Acquires Sterling Bank and Trust for $261 Million from Sterling Bancorp

  • September 17, 2024

Sterling Bancorp, Inc. (SBT), the holding company of Sterling Bank and Trust, F.S.B., on September 16, 2024, entered into a stock purchase agreement with Florida-based EverBank Financial Corp, under which EverBank would acquire all the outstanding stock of Sterling for a fixed consideration of $261 million in cash.

Agreement Specifics:

Under the agreed terms, Everbank will acquire all of the outstanding stock of Sterling for about $4.91 per share, a discount of 14.61% from the stock’s last close.

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