The Final Chapter: Sterling Bancorp’s Liquidation and Shareholder Payouts

Sterling US85917W1027

Sterling Bancorp is now in the final stages of a complete corporate wind-down. Having divested its core banking operations last year, the company is currently liquidating its remaining assets to facilitate its ultimate dissolution. For shareholders, the central question is what final capital distribution will remain after all corporate obligations are settled.

The process began in earnest with the sale of its subsidiary, Sterling Bank and Trust, to EverBank Financial Corp, a transaction finalized in April of last year. This move triggered the formal dissolution plan, which the board of directors had previously approved in September 2024.

Concurrently, Sterling Bancorp ceased trading its common stock on the Nasdaq Capital Market in April 2025. In a further step to minimize ongoing expenses, management indicated its intention to permanently suspend its Securities and Exchange Commission (SEC) reporting duties by filing a Form 15.

The Path to Final Shareholder Payments

The focus for remaining investors is squarely on the monetization of the company's leftover assets and the resulting distributions. An initial liquidation payment of $4.85 per share was disbursed on April 8, 2025, to shareholders of record as of April 1.

The continuation of the wind-down process involves collecting outstanding receivables and settling all remaining debts, liabilities, and administrative costs. Under Michigan state law, where the company is incorporated, any further payments to equity holders are legally contingent upon the full satisfaction of all corporate obligations. Subsequent distributions will only occur once the company's administrative and financial responsibilities have been conclusively resolved.