8-K
filed April 1, 2025, 7:59 PM ET
CIK 0001680379
M&A
confidence high
sentiment positive
materiality 1.00
Sterling Bancorp, Inc.: M&A transaction — Sterling Bancorp closes $261M sale of bank to EverBank; announces $4.85/share liquidating distribution
Sterling Bancorp, Inc.
- Received $261M cash for sale of all shares of Sterling Bank and Trust to EverBank, effective April 1, 2025.
- Declared initial liquidating distribution of $4.85 per share (~$252M) payable April 8, 2025 to holders of record April 1, 2025.
- Thomas O'Brien stepped down as Chairman, President and CEO; remains on Board; Steven Gallotta appointed Board Chairman.
- Common stock delisted from Nasdaq; company filed Form 25 and expects to file Form 15 to suspend SEC reporting.
- Resignations of directors Daitch, Dedrick, Wineman, Okorie; Knott and Meredith stay as consultants with monthly fees.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas M. O'Brien changed role as Chairman, President and Chief Executive Officer at Sterling Bancorp, Inc..
- Action
- stepped down
- Role
- Chairman, President and Chief Executive Officer
Exact text from the filing
Thomas M. O’Brien stepped down as Chairman, President and Chief Executive Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Benjamin Wineman resigned as Director at Sterling Bancorp, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Peggy Daitch, Tracey Dedrick, Benjamin Wineman and Eboh Okorie have resigned from their roles as directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christine Meredith changed role as Chief Operating Officer at Sterling Bancorp, Inc..
- Action
- stepped down
- Role
- Chief Operating Officer
Exact text from the filing
Christine Meredith stepped down as Chief Operating Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tracey Dedrick resigned as Director at Sterling Bancorp, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Peggy Daitch, Tracey Dedrick, Benjamin Wineman and Eboh Okorie have resigned from their roles as directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Elizabeth M. Keogh departed as Chief Legal Officer and Corporate Secretary at Sterling Bancorp, Inc..
- Action
- stepped down
- Role
- Chief Legal Officer and Corporate Secretary
Exact text from the filing
Elizabeth M. Keogh stepped down as Chief Legal Officer and Corporate Secretary
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Steven E. Gallotta was appointed as Chairman of the Board at Sterling Bancorp, Inc..
- Action
- appointed
- Role
- Chairman of the Board
Exact text from the filing
Steven E. Gallotta has been appointed Chairman of the Board
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Peggy Daitch resigned as Director at Sterling Bancorp, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Peggy Daitch, Tracey Dedrick, Benjamin Wineman and Eboh Okorie have resigned from their roles as directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Karen Knott changed role as Executive Vice President at Sterling Bancorp, Inc..
- Action
- stepped down
- Role
- Executive Vice President
Exact text from the filing
Karen Knott stepped down as Executive Vice President
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eboh Okorie resigned as Director at Sterling Bancorp, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Peggy Daitch, Tracey Dedrick, Benjamin Wineman and Eboh Okorie have resigned from their roles as directors
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eleni Willis departed as Chief Risk Officer at Sterling Bancorp, Inc..
- Action
- stepped down
- Role
- Chief Risk Officer
Exact text from the filing
Eleni Willis stepped down as Chief Risk Officer
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Sterling Bancorp, Inc. completed a disposition involving Bayview Acquisitions LLC (closed 2025-03-28).
- Action
- disposition
- Counterparty
- Bayview Acquisitions LLC
- Closing
- 2025-03-28
Exact text from the filing
On March 28, 2025, the Bank completed the previously announced sale of all of its residential tenant-in-common mortgage loans to Bayview Acquisitions LLC, a Delaware limited liability company (“Bayview”), pursuant to the definitive Mortgage Loan Purchase Agreement between the Bank and Bayview, which was a condition to the closing of the sale transaction.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Sterling Bancorp, Inc. completed a disposition involving EverBank Financial Corp for $261 million in cash (closed 2025-03-31).
- Action
- disposition
- Counterparty
- EverBank Financial Corp
- Consideration
- $261 million in cash
- Closing
- 2025-03-31
Exact text from the filing
became effective as of 12:01 a.m. (Eastern Time) on April 1, 2025. In connection with the closing of the sale transaction, the Company received a fixed purchase price of $261 million in cash pursuant to the definitive Stock Purchase Agreement by and among the Company, the Bank and EverBank. Immediately following the effectiveness of the sale transaction, the
View on SEC.gov
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