Sterling Bancorp’s Sale of Sterling Bank and Trust to EverBank Financial Corp: A Game-Changer in the Banking Industry
In a significant move that is set to reshape the banking landscape in Michigan and beyond, Sterling Bancorp, Inc. (Sterling) has announced the receipt of the final regulatory approval from the Board of Governors of the Federal Reserve System for the sale of all of the issued and outstanding shares of capital stock of Sterling Bank and Trust, F.S.B. (the Bank) to EverBank Financial Corp (EverBank).
Background of the Merger
Sterling Bancorp, headquartered in Southfield, Michigan, is the holding company of Sterling Bank and Trust. EverBank Financial Corp, based in Jacksonville, Florida, is a leading digital banking and financial services company. The merger, which was first announced in December 2020, is expected to close in the first quarter of 2021.
Impact on Customers
For customers of Sterling Bank and Trust, this merger may bring about some changes. EverBank’s digital banking capabilities and broader range of financial services may offer more convenience and a wider array of options. However, it is essential to note that the merger is still in progress, and specifics about the transition process, such as branch closures or changes to customer accounts, have not been announced.
Impact on the World
On a larger scale, this merger signifies a shift towards digital banking and away from traditional branch banking. EverBank, with its strong digital presence, is expected to leverage Sterling’s customer base and physical locations to expand its footprint in the Midwest. This could potentially lead to increased competition in the banking sector, forcing other financial institutions to adapt and innovate to remain competitive.
Additional Insights
According to a report by American Banker, the deal values Sterling Bank and Trust at approximately $1.7 billion in deposits. This merger is one of several large banking deals that have been announced in recent months, including BB&T Corp’s acquisition by SunTrust Banks Inc. and Fifth Third Bancorp’s merger with MB Financial Inc.
Conclusion
The regulatory approval of Sterling Bancorp’s sale of Sterling Bank and Trust to EverBank Financial Corp marks a significant milestone in the banking industry. As the deal progresses, customers of Sterling Bank and Trust can expect changes, with EverBank’s digital capabilities and broader range of financial services potentially offering more convenience and a wider array of options. On a larger scale, this merger signifies a shift towards digital banking and increased competition in the banking sector. Only time will tell how these changes will unfold, but one thing is for sure: the banking landscape will continue to evolve.
- Sterling Bancorp, Inc. has received final regulatory approval for the sale of Sterling Bank and Trust to EverBank Financial Corp.
- The merger is expected to close in the first quarter of 2021.
- Customers of Sterling Bank and Trust may experience changes, including increased digital capabilities and a broader range of financial services.
- The merger signifies a shift towards digital banking and increased competition in the banking sector.
