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2025-04-02 04:11

Sterling Bancorp (NASDAQ:SBT) announced on Tuesday that Thomas O'Brien has stepped down from the post of chairman, president and CEO.
The resignation is in connection with the closing of the sale of Sterling Bank and Trust, F.S.B.
O'Brien is set to remain on the board.
Steven Gallotta has been appointed chairman.
Sterling Bancorp completed its sale of the bank to EverBank Financial, and had filed a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs in order to wind down and dissolve the company in accordance with Michigan law and the Plan of Dissolution.
The thrift holding company declared an initial liquidating distribution of $4.85 per share, payable on April 8 to shareholders of record as of April 1.
Additionally, Sterling Bancorp said it has closed its stock transfer books effective as of the close of business today.

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