Analyst Summary
- Sterling Bancorp, Inc. has received regulatory approval from the Office of the Comptroller of the Currency for the sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp.
- The company will receive $261 million in cash as part of the sale agreement.
- The sale transaction was approved by the Company’s board of directors and shareholders.
- The closing of the sale is contingent upon receiving regulatory approval from the Board of Governors of the Federal Reserve System and the satisfaction of other closing conditions.
- The company expects all other remaining closing conditions, including the sale of the Bank’s tenant-in-common loan portfolio to Bayview Acquisitions LLC, to be satisfied within this time period.
Potential Implications
Stock Price
- The completion of the sale could positively impact the stock price due to the influx of cash.
- Uncertainty regarding the remaining regulatory approval and closing conditions could create volatility in the stock price.