Announcement
INTRODUCING EVERBANK
In September, we announced that Sterling Bank and Trust entered into an agreement to be acquired by EverBank, a national bank serving consumer and commercial clients across the United States. We are pleased to announce that Sterling Bancorp’s shareholders have approved this transaction at a special meeting of shareholders held on December 18, 2024.
Today, we want to take a minute to introduce you to EverBank and tell you what to expect in the coming months.
The transaction for EverBank to acquire Sterling Bank is expected to be completed in the first quarter of 2025, subject to approval of EverBank’s regulators and other customary closing conditions. Until then, it’s business as usual at Sterling Bank – with no changes to your accounts or the many ways you do business with us.
After the sale is complete, Sterling Bank accounts and branches will become accounts and branches of EverBank. EverBank will be updating you on all transition-related activities, which we expect will be completed in late 2025. We are working hard with EverBank to make the process smooth and seamless for our customers, with no disruptions in service.
It’s been our privilege to be your bank – and we believe you’re going to like banking with EverBank.
Based in Jacksonville, FL, EverBank is a pioneer in online banking with a history going back to the 1960s. Today, EverBank has operations across the country and serves clients nationwide online, by phone, and at financial centers across Florida and California.
EverBank is a leader in high-value bank deposit products for consumer and commercial clients designed to give them the financial advantage they deserve.
EverBank has a decades-long record of consistent financial performance, built on a strong capital base and a disciplined approach to risk management. As a values-based company, EverBank is committed to serving the communities where its employees work and live, supporting organizations and people who are making a substantial difference in the service to others. For our California customers, it’s important to know that the growing Golden State market is a key priority for EverBank. The bank has a West Coast hub office in Orange County and recently opened new branches in Encino and Roseville. Several of EverBank’s leaders are based in California and have decades of experience serving customers in the state.For more information about EverBank, we encourage you to visit everbank.com.
We’re excited about the future, and we expect you’ll like the personal service and products that set EverBank apart from other banks. We’ll update you with more information about the transition from Sterling Bank to EverBank in the months to come.
EverBank is a Member of the FDIC.
INFORMATION REGARDING STERLING BANK’S ANNOUNCEMENT OF ITS AGREEMENT TO MERGE WITH EVERBANK
Sterling Bank and Trust, F.S.B. (the “Bank” or “Sterling”) has entered into an agreement with EverBank Financial Corp. whereby EverBank will purchase all of the stock of the Bank. Following the sale, all of Sterling’s California and New York branches will become EverBank branch offices. We realize that our customers have questions about the Bank’s sale. While many items related to the integration and transition are still under discussion, we wanted to share some information now.
The most important thing to know is that until the transaction closes, it is business as usual for Sterling and our customers, and your FDIC insurance coverage is unaffected. We will keep you updated with additional information as the transaction closing process unfolds. Information updates will be posted on this Sterling's information page.
Frequently Asked Questions
Why did EverBank choose to acquire Sterling?
EverBank is committed to offering its high-performance banking and exceptional service to personal and commercial clients nationwide, including in California and New York. Combining with EverBank enables us to bring you new advantages and help you make even more of your money. You’ll enjoy enhanced online and mobile banking capabilities all while continuing to be served by your same local team.
Will there be any immediate changes to my day-to-day banking following the closing of the acquisition?
Not at all. You’ll keep banking the same way you do today.
• Continue using your same accounts, cards and existing checks.
• Access online banking at sterlingbank.com with your same user ID and password.
• Continue banking at any Sterling Bank branch.
• Make your loan payments as usual.
• Call the same contact numbers.
Will my accounts continue to be FDIC insured?
Yes, your accounts will continue to be insured for up to the $250,000 deposit limit per depositor, per bank, for each account ownership category. If you happen to have accounts at both Sterling and EverBank, your accounts will generally continue to be insured separately for six months.
When should I expect my accounts and services to transfer to EverBank?
You will be notified of any updates to your accounts and service well in advance so you know just what to expect, and any actions you may need to take. Loan accounts will transfer to EverBank first. Later in 2025, your others accounts and services will transfer as we complete the process of integrating our two banks.
Can I start banking at EverBank?
You won’t be able to bank at EverBank until our transition is complete later in 2025. We’ll let you know when that is expected to take place. You should continue to bank with your same accounts and your same branches and online services until then.
Will my branch change as a result of the acquisition?
Continue to bank at your same branch. While the name on the branch will eventually change, your local team and the people who know you, your business and your banking needs will remain the same.
How will I learn more?
Our goal is to make this transition seamless for you. You will soon begin to receive email communications from EverBank with more information. Prior to the transition later in 2025, you’ll receive a welcome kit in the mail with details about your accounts, any actions you may need to take, and new EverBank benefits. You can also visit sterlingbank.com/everbank-transition for more details.
When is the deal expected to close?
We expect to close in the first quarter of 2025, subject to approvals from Sterling Bancorp’s shareholders and EverBank’s regulators. As stated above, Sterling will continue to operate as an independent organization during the period leading up to closing.
Who is EverBank?
EverBank is a $40 billion bank headquartered in Jacksonville, Florida. It is owned primarily by several private equity funds, and its shares are not publicly traded. EverBank’s retail deposit business is currently conducted primarily online, and it has been seeking a stable branch network to diversify and expand funding sources, especially in California where a portion of its senior management team is already located. The Sterling branch network fits those needs very well. You can learn more about EverBank at https://www.everbank.com/
Can I continue to use my checks and my ATM/Debit Card?
Yes, as stated above, until the closing all banking activity at Sterling remains the same and you should continue to use your existing checks and ATM or debit card.
Can I still go to my local branch, and will I see the same people there?
Yes, there will be no branch changes prior to closing and EverBank has indicated that they plan to operate all of Sterling’s branches in California and New York.
What if I bank at the Michigan Branch?
For customers who bank at Sterling’s Michigan branch, please watch for important mail from Sterling within the next few weeks. This mailing will update you on what actions you may take with your account prior to closing as EverBank will not operate the Michigan branch. The Michigan Branch will cease operations by the closing date.
Should I continue to pay my loan as I have in the past?
Yes, please continue making your loan payments in the same manner as before. There will be no change in handling loan payments before the closing date.
What if I have deposit accounts at both Sterling and EverBank? How is my FDIC insurance impacted?
As stated above, Sterling and EverBank continue to operate completely separately until the closing date. If you have overlapping accounts that can impact future FDIC coverage, you will be informed of any impact prior to any change taking effect. Under the terms of FDIC coverage, deposits at Sterling and EverBank will be separately insured for six months following the closing date.
Will I get more information before the closing date?
Following the closing date, EverBank will operate the branches in California and New York with full FDIC insurance. Yes, you will receive additional information about what to expect after the closing well in advance of the closing date.
If I have questions, who should I ask?
All information regarding the acquisition will be posted here. Please continue to reach out to the Sterling team members at your current branch for questions about your accounts or your FDIC insurance coverage.
If I am also a shareholder of Sterling Bancorp, where can I get information on my stock?
All information regarding the transaction with EverBank and Sterling Bancorp is available through the public filings of Sterling Bancorp and can be found on the Investor Relations page of Sterling’s website at https://investors.sterlingbank.com
