Simpson Thacher is representing EverBank in connection with its proposed acquisition of Sterling Bank & Trust, FSB from Sterling Bancorp Inc. (NASDAQ: SBT) for $261 million. At closing, EverBank will acquire 25 Sterling Bank branches in California, along with a branch in Flushing, New York and approximately $900 million of loans and $2.0 billion of deposits.
EverBank is a nationwide specialty bank providing high-value products and services to consumer and commercial clients nationwide, with $39.4 billion assets and $29.3 billion deposits, each as of June 30, 2024.
The Simpson Thacher team includes Lee Meyerson, Ravi Purushotham, Lou Argentieri, Theresa Scharff, Dashia Kwok and Jerry Du (M&A); Spencer Sloan (Bank Regulatory); Jonathan Goldstein and Elizabeth Trask (Tax); Jeannine McSweeney and Ryan Stott (Executive Compensation and Employee Benefits); and Lori Lesser (IP).