BUSINESS NEWS: Sterling Bancorp Announces Initial Liquidating Distribution as CEO Thomas O’Brien Steps Down

 Sterling Bancorp, Inc. (NASDAQ: SBT), the holding company for Sterling Bank and Trust, F.S.B., has announced the declaration of its initial liquidating distribution following shareholder approval of the bank's sale to EverBank Financial Corp and the adoption of a Plan of Dissolution. This significant development marks a pivotal step in the company's strategic wind-down process.

 In a special meeting held on December 18, 2024, Sterling Bancorp's shareholders overwhelmingly approved the sale of all issued and outstanding shares of Sterling Bank and Trust to EverBank Financial Corp. The approval also encompassed the Plan of Dissolution, as proposed by the company's board of directors on September 15, 2024. Thomas O’Brien, President and Chief Executive Officer of Sterling Bancorp, expressed satisfaction with the outcome, noting that more than 99% of the votes cast, representing 74% of outstanding shares, were in favor of the sale and dissolution. 

 The completion of the sale remains subject to customary closing conditions, including the receipt of required regulatory approvals. Assuming these conditions are met, the transaction is expected to close in the first quarter of 2025. Following the closing, Sterling Bancorp intends to file a certificate of dissolution and, after settling all debts and obligations, distribute the remaining cash to its shareholders in one or more liquidating distributions. 

 In conjunction with these developments, Mr. Thomas M. O’Brien has stepped down from his roles as Chairman, President, and Chief Executive Officer of Sterling Bancorp. Mr. O’Brien, who was appointed to these positions in 2020, played a crucial role in navigating the company through regulatory challenges and strategic transitions. His leadership was instrumental in steering the company towards this dissolution and sale, aiming to maximize shareholder value. 

 Sterling Bancorp, Inc. is a unitary thrift holding company with its wholly-owned subsidiary, Sterling Bank and Trust, F.S.B., operating primary branch operations in San Francisco, Los Angeles, and New York City. The bank offers a range of loan products, as well as retail and business banking services. 

As the company progresses with its dissolution plan, shareholders and stakeholders are advised to stay informed through official communications from Sterling Bancorp for updates on the distribution process and other pertinent developments.


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