Sterling Bancorp tumbles after agreeing to $261 mln sale
16/09/2024 15:31
** Sterling Bancorp's SBT.O shares plunge 18.3% after the
company agrees to $261 mln sale of its banking unit, Sterling
Bank
** SBT will sell the unit to Florida-based EverBank
Financial Corp
** The price tag is 13% lower than SBT's market
capitalization last week
** Investment management firm Bayview Acquisitions has
agreed to buy the banking arm's residential tenant-in-common
mortgage loans
** SBT will wind down after the deal
** Holding companies like SBT are often shuttered after they
offload their banking units, which are their primary assets
** Ultimately, Sterling's board determined that there was no
practical way to pursue any form of standalone independent
operations - CEO Thomas O'Brien
** As of Friday, SBT had fallen marginally this year
(Reporting by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com;))
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