Arnold & Porter has advised Sterling Bancorp, Inc., the former holding company of Sterling Bank and Trust, F.S.B., in closing a previously announced sale of all issued and outstanding shares of capital stock of Sterling Bank and Trust to EverBank Financial Corp.
With the sale's closing, Sterling Bancorp received a fixed purchase price of $261 million. After the closing of the sale transaction, Sterling Bank and Trust was merged into EverBank, National Association—a subsidiary of EverBank Financial Corp.
Sterling Bancorp has also declared an initial liquidating distribution under its previously announced Plan of Dissolution, totaling approximately $252 million in payments to shareholders. Sterling Bancorp will continue to wind down and conduct additional liquidating distributions in accordance with the Plan of Dissolution.
The Arnold & Porter team on this complex transaction was led by partner Rob Azarow and included partners Kevin Toomey, Ed Deibert, James W. Cooper, Sarah Gryll 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, Nasro Abbas and Gabby Ferreira.