EverBank is paying $261 million in cash to buy the bank and Sterling said in a Securities and Exchange Commission filing its stockholders would receive about $4.91 per share in the deal, lower than Sterling’s closing price of $5.75 on the last trading day before the announcement. That news sent Sterling’s stock down $1.09 to $4.66 on Sept. 16.

Sterling Bancorp (NASDAQ:SBT) said EverBank Financial will acquire all the stock of Sterling Bank and Trust, F.S.B for fixed cash consideration of $261M. SBT's board has unanimously approved the sale,

EverBank Financial has entered into a stock purchase agreement to acquire Sterling Bank & Trust and merge it into EverBank.

The deal includes 25 branches, $900 million in loans and $2 billion in deposits; but not Sterling’s sole Michigan branch or its $372.9 million portfolio of residential tenant-in-common mortgage loans.

Sterling Bancorp, Inc. (NASDAQ: SBT) ("Sterling" or the "Company"), the holding company of Sterling Bank and Trust, F.S.B. (the "Bank"), today announced that the Company has entered into a definitive stock purchase agreement with Jacksonville,

EverBank Financial in Florida said the deal would give it $900 million of loans and $2 billion of deposits. Should the deal close in early 2025 as planned, it would culminate a long saga for Sterling.