EverBank, National Association agreed to acquire Sterling Bank and Trust, FSB from Sterling Bancorp, Inc. (Southfield, MI) (NasdaqCM:SBT) for approximately $260 million on September 15, 2024. A cash consideration of $261 million will be paid by EverBank, National Association. As part of consideration, $261 million is paid towards common equity of Sterling Bank and Trust, FSB. Under the terms of the stock purchase agreement, EverBank would acquire all of the capital stock of the Bank from the Company for fixed cash consideration of $261 million. EverBank intends to fund the Transaction with its cash on hand. Subsequent to EverBank?s purchase of the stock of the Bank, the Bank will merge with and into EverBank, National Association, with EverBank, National Association as the surviving entity, and the separate existence of the Bank will cease.