Sterling Bancorp Announces Regulatory Approval for Sale of Sterling Bank and Trust to EverBank
In an exciting turn of events, Sterling Bancorp, a Michigan-based financial holding company, recently announced that it has received regulatory approval from the Office of the Comptroller of the Currency (OCC) for the sale of all issued and outstanding shares of capital stock of Sterling Bank and Trust, F.S.B. (the “Bank”) to EverBank Financial Corp, a Delaware corporation (“EverBank”).
What Does This Mean for Sterling Bancorp and Sterling Bank and Trust?
Under the terms of the sale, Sterling Bancorp will receive a fixed purchase price of $132.5 million in cash from EverBank. This transaction marks the end of Sterling Bancorp’s ownership of Sterling Bank and Trust, which has been a fixture in the Southfield, Michigan community for over 80 years.
How Will This Affect Me as a Customer?
For customers of Sterling Bank and Trust, not much is expected to change in the short term. EverBank has stated that it intends to operate Sterling Bank and Trust as a subsidiary of EverBank, which means that customers will continue to have access to the same products and services they have come to know and trust. However, there may be some changes down the line as EverBank integrates Sterling Bank and Trust into its operations.
- Will there be any changes to my account numbers or routing number?
- Will my fees change?
- Will my account access or online banking platform change?
- Will I need to open a new account with EverBank?
At this time, EverBank has not provided any definitive answers to these questions. Customers are encouraged to monitor communications from their bank for updates as more information becomes available.
How Will This Affect the World at Large?
The acquisition of Sterling Bank and Trust by EverBank is a significant move in the financial industry. EverBank, which is based in Jacksonville, Florida, is a digital banking pioneer that has been offering online banking services since 1995. With the addition of Sterling Bank and Trust, EverBank will expand its footprint in the Midwest and gain a larger retail banking presence. This could potentially lead to increased competition in the region and potentially lower fees and better services for consumers.
Conclusion
The sale of Sterling Bank and Trust to EverBank marks the end of an era for Sterling Bancorp and the beginning of a new chapter for the bank and its customers. While there may be some uncertainty in the short term, EverBank’s commitment to operating Sterling Bank and Trust as a subsidiary suggests that the transition will be smooth. For customers, it’s business as usual for now, but it will be interesting to see how EverBank integrates Sterling Bank and Trust into its operations and what this means for the future of banking in the Midwest.
As always, we’ll keep you updated on any developments related to this story. Stay tuned!
