EverBank Financial Corp, a bank holding company that conducts its banking operations through its wholly owned subsidiary, EverBank, announced that it has entered into a stock purchase agreement to acquire Sterling Bank & Trust, FSB, a wholly owned subsidiary of Sterling Bancorp, Inc., and merge it into EverBank.
Under the agreement, EverBank will acquire 25 Sterling Bank branches in the San Francisco Bay Area and metropolitan Los Angeles/Orange County, CA, along with a branch in Flushing, NY (New York City) and approximately $900 million of loans and $2.0 billion of deposits.
Details of the stock purchase agreement are outlined in a press release issued today by Sterling Bancorp. The transaction is subject to Sterling Bancorp's shareholder and federal regulatory approvals and customary closing conditions and is expected to be completed in the first quarter of 2025.
"As a performance-driven bank, EverBank is focused on providing an advantage to every one of our consumer and commercial clients," said Greg Seibly, EverBank's CEO. "We're looking forward to bringing together the Sterling Bank and EverBank teams to serve more people across the country and help them reach their own definition of success."
The acquisition of Sterling Bank is part of EverBank's long-term focused growth strategy and will accelerate EverBank's expansion in California. After the transaction closes, Sterling Bank branches will become EverBank financial centers and Sterling Bank employees will become EverBank associates.
"This acquisition will significantly accelerate our efforts to expand EverBank's footprint in the California market, where we recently opened a West Coast headquarters in Irvine and will soon open new financial centers in Roseville and Encino," Seibly said. "The addition of Sterling Bank's branches in the San Francisco Bay area and in metro Los Angeles/Orange County will enable us to deliver our value-added products and services to even more California consumer and commercial clients."
Until the transaction closes, it remains business-as-usual for all Sterling Bank and EverBank consumer and commercial clients, with no changes in accounts or services. EverBank expects a smooth and seamless transition for Sterling Bank customers to EverBank after the transaction is completed.