Why Is Sterling Bancorp Stock Diving On Monday?
Portfolio Pulse from Lekha Gupta
Sterling Bancorp, Inc. (NASDAQ:SBT) shares fell nearly 20% after announcing a deal to sell Sterling Bank to EverBank Financial Corp. for $261 million. The company plans to dissolve post-sale, delist from Nasdaq, and deregister. The deal awaits regulatory and shareholder approval, expected to close in Q1 2025.
September 16, 2024 | 3:35 pm
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Sterling Bancorp's stock dropped nearly 20% following the announcement of its sale to EverBank for $261 million. The company plans to dissolve and delist from Nasdaq post-sale, which is expected to close in Q1 2025.
The announcement of the sale and subsequent dissolution of Sterling Bancorp has led to a significant drop in its stock price. The plan to delist from Nasdaq and deregister indicates a major change in the company's structure, affecting investor sentiment negatively.
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