Following this agreement, EverBank is set to acquire 25 Sterling Bank branches in the San Francisco Bay Area and metropolitan Los Angeles/Orange County, CA, along with a branch in Flushing, NY (New York City) and approximately USD 900 million of loans and USD 2.0 billion of deposits.
Details of the stock purchase agreement are outlined in the official press release that was released by Sterling Bancorp. The transaction represents subject to Sterling Bancorp's shareholder and federal regulatory approvals, as well as the customary closing conditions. It is also expected to be completed in the first quarter of 2025.
The acquirement of Sterling Bank represents a part of EverBank’s long-term focused development strategy, and it is set to accelerate EverBank’s expansion in the region of California. After the transaction closes, Sterling Bank branches will become EverBank financial centers, while the Sterling Bank employees will become EverBank associates.
At the same time, the addition of Sterling Bank's branches in the San Francisco Bay area and in metro Los Angeles/Orange County is expected to give the bank the possibility to deliver its value-added and secure suite of services to more California-based customers and commercial clients. As a performance-driven financial institution, EverBank will also deliver an advantage to every customer and client, as it aims to serve more people and help them reach development and growth.
Until the transaction is closed, it remains business as usual for all Sterling Bank and EverBank consumer and commercial clients, with no changes in accounts or services. EverBank also expects a smooth and efficient transaction for Sterling Bank users to its platform, after the agreement is completed and the regulatory requirements are met.
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