05:39 PM EST, 12/18/2024 (MT Newswires) -- Sterling Bancorp ( SBT ) , the holding company of Sterling Bank and Trust, said late Wednesday that its shareholders approved the sale of all issued and outstanding shares of capital stock to EverBank Financial.

The shareholders also approved a dissolution plan adopted by the board on Sept. 15.

"More than 99% of the votes cast at our meeting, and 74% of the outstanding shares, were voted in favor of the sale and the dissolution," Chief Executive Thomas O'Brien said.

The company, which did not disclose the deal's financial details, expects to complete the sale transaction in Q1.