Commercial Retail Opportunities: EverBank's Acquisition of Sterling Bank in Michigan
Monday, 16 September 2024, 11:04
Commercial Retail Banking Landscape Shift
The acquisition of Sterling Bank by EverBank marks a landmark move in the commercial retail banking sector. With a price tag of $261 million, this deal involves 25 branches and $900 million in loans, alongside $2 billion in deposits.
Details of the EverBank and Sterling Bank Agreement
- Deal Amount: $261 million
- Branches Acquired: 25
- Total Loans: $900 million
- Total Deposits: $2 billion
However, Sterling's only Michigan branch and its $372.9 million portfolio of residential tenant-in-common mortgage loans are notably excluded from this acquisition.
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.