Sterling Bancorp's $261M Sale of Sterling Bank and Trust
Overview of the Sale
Sterling Bancorp Inc., based in Southfield, has taken a strategic step by agreeing to sell Sterling Bank and Trust to EverBank Financial Corp., located in Jacksonville, Florida, for $261 million.
Details of the Transaction
This decision underscores the ongoing shifts within the financial markets and the consolidation trends among banks. By selling Sterling Bank, Sterling Bancorp is taking a pivotal step that could reshape its operational focus in the wake of closing its doors permanently.
Industry Implications
The sale not only reflects Sterling Bancorp's strategic planning but also indicates wider changes in the financial landscape. Such sales are often predicated on larger economic trends that influence banks' decisions about their futures.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.