Sterling Bancorp, Inc. (Southfield, MI) (SBT): History, Ownership, Mission, How It Works & Makes Money

When you look at a bank holding company like Sterling Bancorp, Inc. (Southfield, MI) (SBT), do you see a long-term investment or a strategic exit? The story of this regional bank is a textbook case of the latter, culminating in a definitive sale to EverBank Financial Corp for a fixed cash consideration of $261 million, which closed in April 2025. We're digging into the financials of a dissolved entity-one that reported total assets of about $2.4 billion in Q3 2024-to understand the mission and business model that led to a final liquidating distribution of $4.85 per share to shareholders. This isn't just history; it's a defintely a map for how value is realized in the highly consolidated banking sector.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) History

You need to understand Sterling Bancorp, Inc.'s history not as a growth story, but as a rapid wind-down following a major regulatory crisis and a strategic sale. The company's trajectory, from a regional bank founded in 1984 to its dissolution in 2025, is a textbook case of how operational missteps can force a complete exit.

Given Company's Founding Timeline

Sterling Bancorp, Inc. was a unitary thrift holding company, meaning its main asset was its bank subsidiary, Sterling Bank and Trust, F.S.B. Its history is a long one, but its public life was short and turbulent.

Year established

The company was established in 1984. It definitely had a long run before its public offering in 2017.

Original location

The headquarters were and remained in Southfield, Michigan, which is also where its operations center was located.

Founding team members

Specific details on the original founding team members from 1984 are not publically available. Over time, the leadership changed significantly, with Thomas M. O'Brien serving as CEO during the final, critical years.

Initial capital/funding

The initial capital and funding amounts from the 1984 founding are not disclosed in public records. The company's financial profile changed dramatically with its Initial Public Offering (IPO) in 2017.

Given Company's Evolution Milestones

The real story here is the shift from a growth-focused bank to a company managing its own dissolution. The milestones below show the quick, sharp turn. To be fair, a lot happened in a few short years.

Given Company's Transformative Moments

The most transformative period for Sterling Bancorp, Inc. was the final 18 months leading up to November 2025. It went from trying to fix legacy problems to executing a complete corporate dissolution. You can read more about the financial helath of the company here: Breaking Down Sterling Bancorp, Inc. (Southfield, MI) (SBT) Financial Health: Key Insights for Investors.

The regulatory and financial fallout from the Advantage Loan Program was the single biggest factor. This forced the company to pivot from banking to liquidation. The key moments that defined this shift are clear:

• The Sale: The definitive Stock Purchase Agreement with EverBank Financial Corp in September 2024 set the fixed cash sale price for the bank subsidiary at $261 million.
• The Exit: The sale closed on April 1, 2025. This was followed by the delisting of the common stock from the Nasdaq Capital Market, halting all public trading.
• The Payout: Following the sale, the Board declared an initial liquidating distribution of $4.85 per share, totaling approximately $252 million, payable on April 8, 2025.
• The Wind-Down: After the initial distribution, the holding company, Sterling Bancorp, Inc., was left with approximately $16 million in cash to cover remaining liabilities and complete the dissolution process. This is the final cash reserve for the wind-down.

The sale and subsequent dissolution in early 2025 essentially converted the company from an operating bank holding company into a cash shell focused on paying out shareholders and settling debts. The decision was a clean, if forced, break from a troubled past.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) Ownership Structure

Sterling Bancorp, Inc. (SBT) operated with a highly concentrated ownership structure right up until its planned dissolution, with insiders holding the controlling stake. By the end of the first quarter of the 2025 fiscal year, the company was no longer an operating entity, having sold its primary asset and initiated a formal wind-down process.

Sterling Bancorp, Inc.'s Current Status

You need to know the most critical fact: Sterling Bancorp, Inc. is not an operating bank holding company as of November 2025; it is in the process of dissolution. The company completed the sale of its wholly-owned subsidiary, Sterling Bank and Trust, F.S.B., to EverBank Financial Corp on March 31, 2025, for a fixed cash consideration of $261 million. Following the sale, the company filed a certificate of dissolution on April 1, 2025, to formally wind down operations and distribute remaining assets to shareholders.

The company's common stock, previously traded on the Nasdaq Capital Market under the ticker SBT, was delisted, effectively transitioning the entity from a publicly traded operating business to a liquidating trust. This means the focus is now on the final liquidating distributions, not on ongoing operational performance. The initial liquidating distribution was $4.85 per share, totaling approximately $252 million, paid out on April 8, 2025.

If you want to dive deeper into the financials that led to this strategic exit, you should read Breaking Down Sterling Bancorp, Inc. (Southfield, MI) (SBT) Financial Health: Key Insights for Investors.

Sterling Bancorp, Inc.'s Ownership Breakdown

Before the dissolution, the company's ownership was heavily weighted toward insiders, which is a key factor in understanding the decision-making process for the sale to EverBank Financial Corp. Insiders, including trustees for family trusts, had already committed to voting their shares in favor of the sale, representing approximately 38% of the outstanding common stock as of September 2024. Here's the quick math on the pre-dissolution ownership structure based on the most recent data from the 2025 fiscal year's start:

The high insider ownership, over 65%, meant that shareholder approval for the Plan of Dissolution and the sale was defintely secured well in advance. That's a massive concentration of control.

Sterling Bancorp, Inc.'s Leadership

The leadership team that steered the company through the sale and into dissolution saw a major shift in April 2025. The executive team's primary function transitioned from running a bank to overseeing a corporate wind-down.

• Thomas M. O'Brien stepped down as Chairman, President, and Chief Executive Officer on April 1, 2025, concurrent with the initial liquidating distribution.
• The Board of Directors saw immediate resignations, with directors like Peggy Daitch, Tracey Dedrick, Benjamin Wineman, and Eboh Okorie resigning effective with the closing of the sale.
• The remaining entity is overseen by a selected team of executive management and outside advisors, whose sole job is to manage the remaining liabilities, resolve obligations, and execute the final liquidating distributions in accordance with Michigan law.

What this estimate hides is that the traditional C-suite roles are now obsolete; the focus is purely on legal and financial closure. The final distribution to shareholders is anticipated to occur at the earliest six months following the March 2025 sale closing, once all obligations are resolved. Finance: draft 13-week cash view for remaining obligations by Friday.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) Mission and Values

Sterling Bancorp, Inc. (Southfield, MI) was a unitary thrift holding company whose original purpose centered on community banking and relationship-focused lending, but its ultimate mission in 2025 became the orderly dissolution and maximization of shareholder return. This shift was finalized with the sale of its banking subsidiary, Sterling Bank and Trust, F.S.B., and the subsequent wind-down of the holding company itself. The final mission was a fiduciary one: settle all debts and distribute remaining cash to shareholders.

Honestly, a formal, publicly-stated mission and vision for the holding company, Sterling Bancorp, Inc. (SBT), is not readily available in the public record, especially as the company entered its dissolution phase in the first quarter of 2025. What we do know is that its operational ethos, through its subsidiary, was built on a commitment to serving customers, fostering growth, and maintaining integrity in all its operations, particularly in its primary markets of Michigan, California, and New York.

Given Company's Core Purpose

The core purpose of Sterling Bancorp, Inc. (SBT) was to operate as the holding company for Sterling Bank and Trust, F.S.B., providing community banking services. The final, most impactful purpose of the holding company in 2025 was executing the Plan of Dissolution approved by shareholders with over 99% of the votes cast.

Official mission statement

While a canonical, single-sentence mission statement is not public, the company's actions prior to its 2025 dissolution centered on relationship banking and operational efficiency. The practical mission was to be a stable financial partner for its customers in residential and commercial real estate lending, plus retail and business banking.

• Focus on relationship banking in key markets like Michigan and California.
• Deliver a range of loan products and retail/business banking services.
• Maintain integrity, especially following its prior regulatory challenges.

The final, concrete mission action in April 2025 was declaring an initial liquidating distribution of $4.85 per share, totaling approximately $252 million, to its shareholders. That's the ultimate shareholder value unlocked.

Vision statement

The company's vision, before its sale and dissolution, was implicitly tied to its strategic advantages, aiming for stability and growth through focused market presence and experienced management. The vision was to be a strong, reliable regional banking presence. The 2025 reality, however, was a strategic exit to maximize value for its owners.

• Achieve strong market presence in its geographically focused areas.
• Sustain success through an experienced banking management team.
• Streamline operations and use technology to improve efficiency.

The acquisition of Sterling Bank and Trust, F.S.B. by EverBank Financial Corp for a fixed cash consideration of $261 million closed on April 1, 2025, effectively ending the former vision.

Given Company slogan/tagline

A specific, official slogan or tagline for Sterling Bancorp, Inc. (Southfield, MI) is not publicly available, especially not one that was active during the 2025 dissolution. Taglines often change, and this company's focus in 2025 was on the exit, not marketing.

The most accurate, albeit unofficial, tagline for its final phase might be: Maximizing Shareholder Value Through Dissolution.

You can read more about the company's historical and final status here: Mission Statement, Vision, & Core Values of Sterling Bancorp, Inc. (Southfield, MI) (SBT).

Sterling Bancorp, Inc. (Southfield, MI) (SBT) How It Works

Sterling Bancorp, Inc. (SBT) historically functioned as a unitary thrift holding company whose value was derived from its wholly-owned subsidiary, Sterling Bank and Trust, F.S.B., which focused on community banking and specialized lending in Michigan and California. The crucial point for investors now is that the company is no longer operating; its bank subsidiary was acquired by EverBank Financial Corp in March 2025, and Sterling Bancorp, Inc. is currently in the process of dissolution and liquidation.

Given Company's Product/Service Portfolio

Prior to the 2025 acquisition, Sterling Bank and Trust, F.S.B., generated its revenue primarily through net interest income-the difference between interest earned on loans and interest paid on deposits. The portfolio balanced commercial and residential lending with core deposit services. You can get more context on their past performance by reading Breaking Down Sterling Bancorp, Inc. (Southfield, MI) (SBT) Financial Health: Key Insights for Investors.

Given Company's Operational Framework

The operational framework shifted entirely in 2025. The former model was a classic community banking structure: attract deposits from local customers (the liability side of the balance sheet) and deploy that capital into higher-yielding loans (the asset side), generating a profit margin called the net interest margin. The bank was a regional player, and its 2024 Total Revenue was about $66.06 million, with Net Income of $2.14 million.

The current operational reality is liquidation. The parent company is now focused on winding down its affairs and distributing remaining capital to shareholders. This is not a growth story; it's a capital return event.

• Sell the Bank: The primary asset, Sterling Bank and Trust, F.S.B., was sold to EverBank Financial Corp in March 2025.
• Distribute Capital: The company announced an initial liquidating distribution of $4.85 per share, totaling approximately $252 million, to its shareholders.
• Delist Stock: The final step involves filing a Certificate of Dissolution and delisting the common stock from NASDAQ, effectively ending the public company's existence.

Given Company's Strategic Advantages

The strategic advantages that made the bank attractive enough to be acquired were rooted in its focused approach and its ability to manage a challenging regulatory environment. Its value proposition was defintely regional and niche-based, not scale-based.

• Niche Lending Expertise: The bank had a history of specializing in certain loan products, which allowed it to differentiate itself from larger, more generalized competitors.
• Strong Local Relationships: By focusing on specific communities, primarily in Michigan and California, the bank fostered customer loyalty that provided a stable base of low-cost deposits.
• Regulatory Remediation: Despite past issues, the company's sustained focus on resolving legacy regulatory issues (like those related to the Advantage Loan Program) and improving compliance made the underlying bank asset a cleaner, more stable acquisition target in 2025.

Here's the quick math: The initial liquidating distribution of $252 million was the clear, concrete value proposition for shareholders following the sale.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) How It Makes Money

Sterling Bancorp, Inc. primarily made money the way any bank holding company does: by capturing the spread between the interest it earned on its loans and investments and the interest it paid out on deposits and borrowings-a metric called Net Interest Income (NII). Its secondary revenue stream came from non-interest activities like service charges and fees.

The entire financial engine changed in 2025, though, as the company sold its subsidiary, Sterling Bank and Trust, to EverBank for $261 million, effectively transitioning from an operating bank to a dissolving entity focused on liquidating assets and distributing cash to shareholders.

Sterling Bancorp's Revenue Breakdown

To understand the core business model before its 2025 dissolution, you need to look at the full-year 2024 figures, which represent the last full operating cycle of the bank subsidiary. The total revenue for 2024 was approximately $57.6 million, and it was overwhelmingly dependent on traditional lending.

Here's the quick math: Net Interest Income was $56.5 million in 2024, while Total Non-Interest Income was only $1.1 million, showing a clear reliance on the interest rate spread. That's a huge concentration risk, and honestly, it's why margin compression-where the cost of deposits rises faster than loan yields-was a major headwind, with full-year net interest income dropping 13% in 2024.

Business Economics

The economic fundamentals of Sterling Bancorp's former business revolved around its loan portfolio and deposit base, but the 2025 reality is purely a capital distribution model. The core economics shifted from maximizing Net Interest Margin (NIM) to maximizing the cash distributed from the sale.

The bank's traditional pricing strategy was to set loan rates-especially on its residential mortgage and commercial real estate loans-high enough to cover the cost of funds (interest paid on deposits) plus operating expenses, while leaving a healthy profit margin. The problem was that the Net Interest Margin compressed to 2.37% for the full year 2024, down from 2.68% in 2023, signaling a loss of pricing power or an unfavorable interest rate environment.

• Primary Asset Base: The loan portfolio, which stood at approximately $1.2 billion in Q4 2024, was the key interest-earning asset.
• Funding Cost: The cost of deposits was a major expense, with interest expense on deposits rising to $78 million in 2024, up from $57 million in 2023.
• 2025 Economic Event: The sale of the bank subsidiary for $261 million in Q1 2025 was the definitive economic action, converting the entire operating business into a single cash asset for the holding company.

The new, near-term economic focus is simply managing the remaining cash and liabilities during the wind-down. You can read more about the strategic shift in focus here: Mission Statement, Vision, & Core Values of Sterling Bancorp, Inc. (Southfield, MI) (SBT).

Sterling Bancorp's Financial Performance

The 2025 financial performance is best measured by the capital returned to shareholders, not by traditional banking metrics like loan growth or Net Interest Margin. The company's final financial chapter is one of liquidation, not operation.

• 2025 Capital Distribution: The company announced an initial liquidating distribution of $4.85 per share, totaling approximately $252 million, paid out in April 2025.
• Total Assets (Pre-Sale): As of Q4 2024, the company maintained total assets of approximately $2.4 billion.
• Shareholders' Equity (Pre-Sale): Shareholders' equity stood at $334.0 million at the end of 2024, representing the book value that the sale and distribution sought to unlock.
• Net Income (FY 2024): Net income for the last full year of operation was $2.1 million, or $0.04 per diluted share, a sharp decline from $7.4 million in 2023.
• Efficiency Ratio: The efficiency ratio, which measures non-interest expense as a percentage of revenue, was poor, deteriorating to 111.52% in Q3 2024, meaning the company spent more than a dollar to earn a dollar of revenue. That's defintely not sustainable.

The clear action for any financial professional is to track the final liquidating distribution, as the operating business is gone and the holding company is winding down operations and suspending its SEC periodic reporting obligations.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) Market Position & Future Outlook

As of November 2025, Sterling Bancorp, Inc. is not an operating bank holding company; its future outlook is solely defined by its final dissolution plan following the sale of its core asset, Sterling Bank and Trust, F.S.B., to EverBank Financial Corp in April 2025. You should view the company as a liquidation vehicle, focused on maximizing the final capital distribution to shareholders.

Competitive Landscape

The traditional competitive analysis for Sterling Bancorp, Inc. is obsolete since the sale of its banking subsidiary. The company's position is now measured by the value realized for shareholders versus regional peers that remain operational. The sale to EverBank Financial Corp effectively removed Sterling Bank and Trust, F.S.B. from the regional banking competition, with its former market share being absorbed by the acquiring entity.

Here's the quick math: The initial liquidating distribution announced by Sterling Bancorp, Inc. was a key component of the total value returned to shareholders as the company wound down operations. This final value proposition is what matters now, not deposit market share, which is defintely zero.

Opportunities & Challenges

The company's strategic initiatives are now purely administrative, centered on the efficient wind-down of the holding company structure. The opportunities and risks are entirely tied to the liquidation process and the final release of reserved capital.

Industry Position

Sterling Bancorp, Inc. holds a unique position in the industry as a non-operating entity in the final stages of dissolution. Its legacy is now defined by a successful, if necessary, exit from the highly competitive regional banking sector.

• The company's Market Capitalization was approximately $0.25 Billion USD as of November 2025, which reflects the remaining value of the holding company assets and reserves.
• The primary action was the sale of the bank to EverBank Financial Corp, which closed by April 1, 2025, effectively ending Sterling Bancorp, Inc.'s operational history.
• Its industry standing is now a case study in realizing shareholder value through a strategic sale, especially after navigating a complex regulatory environment.
• The focus for investors shifts entirely to the timeline and amount of the final liquidating distribution, which is the last actionable event.

You can get a deeper dive into the shareholder base and who profited from the sale by Exploring Sterling Bancorp, Inc. (Southfield, MI) (SBT) Investor Profile: Who's Buying and Why?