TSL Express Daily News

Transaction will accelerate EverBank's expansion into key California markets

JACKSONVILLE, Fla., Sept. 16, 2024 /PRNewswire/ -- Building on a strategic long-term growth plan, EverBank Financial Corp (EverBank Holdings), a bank holding company that conducts its banking operations through its wholly owned subsidiary, EverBank, N.A. (EverBank), announced today 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.

Simpson Thacher & Bartlett LLP acted as legal counsel to EverBank for the transaction.

About EverBank

EverBank Holdings is a bank holding company and conducts its banking operations through its wholly owned subsidiary, EverBank. EverBank is a nationwide specialty bank providing high-value products and services to consumer and commercial clients nationwide. As a pioneer in online banking, EverBank offers convenient digital access for clients 24/7, in addition to phone banking services and a network of financial centers across Florida. EverBank's commitment is to deliver to its clients high-performing, high-yield solutions backed by exceptional service, always giving them the advantage they expect, to make the most of their money. Visit everbank.com or connect and interact with us on Facebook, Instagram, LinkedIn or X (formerly Twitter). EverBank is a Member FDIC

Media Contact

Michael Cosgrove
Michael.Cosgrove@everbank.com