Sterling Bancorp Announces Sale of Sterling Bank and Trust to EverBank
Monday, 16 September 2024, 05:08
Sterling Bancorp Sale Overview
Sterling Bancorp (NASDAQ:SBT) has made a pivotal decision to sell Sterling Bank and Trust, F.S.B to EverBank Financial for a fixed cash consideration of $261 million. This decision was unanimously endorsed by the bank's board of directors.
Strategic Implications
- Strengthening Financial Position: This sale is intended to bolster Sterling Bancorp's balance sheet.
- Resource Optimization: The transaction will allow Sterling to focus on core operations.
- Market Positioning: Aligns Sterling Bancorp with evolving market dynamics.
Conclusion of Sale
With the agreement finalized, all eyes are on the impacts of this sale on both Sterling Bancorp and EverBank, as they navigate the changing landscape of the banking sector.
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