Announcement
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
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
Still have a question?
If you need to contact us, we’re here to help.
Call customer service at 1-800-944-BANK (2265). We’re available by phone Monday to Friday 5am-8pm PST, and 9 am - 1 pm PST Saturday. Our call wait times may be longer than usual. Thank you for your patience.
