EverBank Financial Corp has received final regulatory approval to acquire Sterling Bank and Trust, F.S.B., in a $261 million cash transaction, the companies announced Friday.
The deal, approved by the Federal Reserve Board and the Office of the Comptroller of the Currency, is scheduled to close before markets open on April 1. The acquisition includes all issued and outstanding shares of the Michigan-based bank, currently owned by Sterling Bancorp, Inc.
Following the completion of the sale, Sterling Bancorp plans to delist its stock from the Nasdaq Capital Market. Trading of the company’s shares is expected to be suspended before the market opens on the closing date, and Sterling will file a formal delisting notification with the Securities and Exchange Commission.
The sale aligns with Sterling Bancorp’s previously approved plan of dissolution, which will set the closing date as the record date for shareholder distributions. Additional details on shareholder payments are expected around the time of closing.
Sterling Bank and Trust operates branches in California and New York, with additional locations in Michigan.
