Transaction significantly expands EverBank’s presence in California market
EverBank Financial Corp, a bank holding company that conducts operations through EverBank, N.A. (EverBank), a wholly owned subsidiary, announced the closing of its acquisition of Sterling Bank and Trust, F.S.B., a wholly owned subsidiary of Sterling Bancorp. The acquisition significantly accelerates EverBank’s expansion into California by growing its branch presence in key markets across the state.
This is an important milestone for our long-term growth strategy. – Greg Seibly, EverBank CEO
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Under the terms of the transaction, EverBank acquired 25 Sterling Bank branches in the San Francisco Bay Area and metropolitan Los Angeles/Orange County, along with a branch in the Flushing neighborhood of New York City. EverBank also acquired approximately $900 million of loans and $2.0 billion in deposits from Sterling Bank.
“The acquisition of Sterling Bank is an important milestone for our long-term growth strategy in California and nationwide,” said Greg Seibly, EverBank’s Chief Executive Officer. “California is the country’s largest banking market, and we’re looking forward to serving new consumer and business clients in the state and delivering to them the performance-driven advantages of banking with EverBank.”
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Sterling Bank, including its legacy branches, will continue to operate under its current name and brand until later in 2025, when the bank will be fully integrated into EverBank. During the transition, it remains business-as-usual for Sterling Bank and EverBank consumer and commercial clients, with no changes in accounts. More information and FAQs for Sterling Bank & Trust customers are available at www.everbank.com/sterlingtransition.
EverBank opened its first financial centers in California in Encino (metro Los Angeles) and Roseville (metro Sacramento) in late 2024. The bank operates a West Coast hub office in Irvine, in Orange County, which is home to several of the bank’s commercial lending businesses.
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“EverBank has deep roots in California, and many of our senior leaders are veteran bankers in the market and understand the unique needs of California clients,” Seibly said. “This is an exciting new chapter for EverBank, and all of us are grateful for the steady leadership of Sterling Bank’s CEO and President, Tom O’Brien. We’re looking forward to welcoming Sterling Bank employees to our team of associates who are dedicated to delivering innovation and performance to our consumer and commercial clients coast to coast.”
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Source – Businesswire
