EverBank to buy Michigan’s Sterling Bank for $261M

EverBank to buy Michigan’s Sterling Bank for $261M

The deal includes 25 branches, $900 million in loans and $2 billion in deposits; but not Sterling’s sole Michigan branch or its $372.9 million portfolio of residential tenant-in-common mortgage loans.

Sterling in Michigan to sell bank for $261 million

EverBank Financial in Florida said the deal would give it $900 million of loans and $2 billion of deposits. Should the deal close in early 2025 as planned, it would end a long saga for Sterling.

EverBank Agrees to Acquire Michigan-based Sterling Bank for $261M

SOUTHFIELD, MICH. AND JACKSONVILLE, FLA. — Southfield-based Sterling Bancorp Inc. (NASDAQ: SBT), the holding company of Sterling Bank and Trust FSB, has entered into a definitive agreement to sell all of its shares to Jacksonville-based EverBank Financial Corp. for $261 million. The sale is subject to customary closing conditions, including regulatory approvals and approval by Sterling’s shareholders. Sterling’s board of directors has unanimousl…