Arnold & Porter Advises Sterling Bancorp in the Sale of Sterling Bank and Trust, Dissolution Plan Adoption, and Mortgage Loan Purchase Agreement

Arnold & Porter recently represented Sterling Bancorp, Inc., the holding company of Sterling Bank and Trust, F.S.B., in a definitive stock purchase agreement with EverBank Financial Corp in which EverBank would acquire all of Sterling Bank and Trust’s stock for $261 million. The firm also counseled Sterling Bancorp in adopting a plan of dissolution for the wind down of Sterling following the closing of the sale. Additionally, as part of the transaction, Sterling Bank and Trust has entered into an agreement to sell all of its residential tenant-in-common mortgage loans to Bayview Acquisitions LLC.

Sterling Bancorp’s sale of Sterling Bank and Trust is expected to close in the first quarter of 2025. The closing of Sterling Bank and Trust’s mortgage loan sale will transpire immediately before EverBank’s stock acquisition.

The Arnold & Porter team on this complex transaction was led by partner Rob Azarow and included partners Kevin Toomey, Ed Deibert, James W. Cooper and Laurie Abramowitz, counsel Stephanie Nygard, Kathleen Wechter and Anthony Raglani, senior associate John Fiorenzo, and associates Jacob Saracino, Greg Criscitello, Alexa Krantz, Kathryn Geoffroy, Lauren Hoepfner, Sean Atkinson and Nasro Abbas.