Sterling Bancorp ceased operations following its sale to EverBank Financial Corp. The bank subsidiary was acquired for $261 million in a transaction that closed (April 2025), with the holding company now in dissolution. The company reported total assets of approximately $2.4 billion as of Q3 2024 before the transaction close.
Cyborg Score Rationale
Sterling Bancorp is no longer an operating business—it completed its strategic exit in April 2025 and is now in the dissolution and liquidation phase. The company no longer generates revenue or earnings and exists solely to manage remaining obligations and distribute proceeds to shareholders.
Top Insights
Company dissolved April 2025 following sale of bank subsidiary to EverBank for $261 million
Prior to dissolution, Sterling Bancorp reported declining financial metrics: 2024 revenue of $66.06 million (down 13.38% YoY) and earnings of $2.14 million (down 71.16%)
As a regional community bank, Sterling had primary operations in San Francisco, Los Angeles, and New York City, plus operations center in Southfield, Michigan
The strategic exit concluded a short public history—the company went public in 2017 after 33 years of private operation, and ceased independent operations just 8 years later
Named Competitors
Community banking services — Large regional and national banking competitor
Regional banking — Major competitor in commercial and retail banking
Digital lending — Digital mortgage alternative to traditional banks
Recent Developments
(September 2024) Announced definitive agreement to sell bank subsidiary to EverBank for $261 million
(April 2025) Completed sale of Sterling Bank and Trust, F.S.B. to EverBank; company began dissolution and delisting from NASDAQ
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