Mar. 15 at 3:42 PM
$SBT Sterling Bancorp receives regulatory approval for EverBank deal
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.
