08:41 AM EDT, 09/16/2024 (MT Newswires) -- Sterling Bancorp ( SBT ) said Monday it has agreed to sell Sterling Bank and Trust to EverBank Financial for $261 million in cash.

As a condition for the agreement, trustees for family trusts that own about 38% of Sterling Bancorp's ( SBT ) outstanding common stock agreed to vote in favor of the sale. Another condition of the deal required Sterling Bancorp ( SBT ) to agree to sell all of its residential tenant-in-common mortgage loans to Bayview Acquisitions.

The sale is expected to close in Q1 of 2025.

Shares of Sterling Bancorp ( SBT ) were down 9.4% in recent premarket activity.

Price: 5.21, Change: -0.54, Percent Change: -9.39