EverBank Financial, a bank holding company that conducts its banking operations through its wholly owned subsidiary, EverBank, has entered into a stock purchase agreement to acquire Sterling Bank & Trust, a wholly owned subsidiary of Sterling Bancorp, 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 and approximately $900 million of loans and $2 billion of deposits.
The transaction is subject to Sterling Bancorp’s shareholder and federal regulatory approvals and customary closing conditions and is expected to be completed in Q1/25.
“As a performance-driven bank, EverBank is focused on providing an advantage to every one of our consumer and commercial clients. 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,” Greg Seibly, CEO of EverBank, said. “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. 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.”
Simpson Thacher & Bartlett acted as legal counsel to EverBank for the transaction.
