Sterling Bancorp Reveals Sale Of Sterling Bank And Trust, F.S.B. To EverBank Financial For Fixed Cash Consideration Of $261M; Adopts Plan Of Dissolution For Company Following Closing Of Sale
Portfolio Pulse from Benzinga Newsdesk
Sterling Bancorp has announced the sale of Sterling Bank and Trust, F.S.B. to EverBank Financial for $261 million. Following the sale, Sterling Bancorp plans to dissolve, distributing proceeds to shareholders in two stages.
September 16, 2024 | 11:53 am
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Sterling Bancorp is selling Sterling Bank and Trust to EverBank for $261M and plans to dissolve, distributing proceeds to shareholders in two stages.
The sale of Sterling Bank and Trust for $261M is a significant event for Sterling Bancorp (SBT), as it plans to dissolve following the sale. This will result in cash distributions to shareholders, which is likely to positively impact the stock price in the short term as investors anticipate the distribution of proceeds.
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