Florida’s EverBank inks $261m deal to acquire Sterling Bank
EverBank Financial Corp, a bank holding company headquartered in Florida, US and parent company of EverBank, has entered into a stock purchase agreement to acquire Sterling Bank and Trust from Michigan-based Sterling Bancorp in a deal worth $261 million.
EverBank to acquire Michigan’s Sterling Bank
Once the deal closes, expected by Q1 2025, Sterling Bank will be merged into EverBank, with its branches becoming EverBank financial centres and its employees becoming EverBank associates.
The purchase includes Sterling Bank’s $900 million loan book, $2 billion in deposits, and 25 branches primarily in the San Francisco Bay and Los Angeles metropolitan areas, along with a branch in New York.
However, not included in the deal is Sterling Bank’s Michigan branch, with Sterling saying it will “shortly commence efforts to close the Michigan branch at the time of completion of the sale transaction in accordance with applicable law”. Sterling Bank will also voluntarily delist its common stock from the Nasdaq, where it has been trading publicly since 1996.
Sterling Bank adds that its residential tenant-in-common loans, valued at $372 million, have been sold to Bayview Acquisitions for an undisclosed sum.
“This acquisition will significantly accelerate our efforts to expand EverBank’s footprint in the California market, where we recently opened a West Coast headquarters in Irvine and will soon open new financial centres in Roseville and Encino,” comments EverBank CEO Greg Seibly.
