Sterling Bancorp, Inc. (Southfield, MI) (SBT): Business Model Canvas [Dec-2025 Updated]

You're looking at Sterling Bancorp, Inc. (SBT) in late 2025, and honestly, the business model is now a liquidation model, a clean exit from traditional banking. After selling the core bank to EverBank Financial Corp for a solid $261 million, the holding company's entire purpose has shifted from lending to efficiently distributing cash back to you, the shareholders, starting with an initial liquidating distribution of $4.85 per share. This isn't about deposits or loan growth anymore; it's about executing the Plan of Dissolution by managing the final asset sales, like the TIC loan portfolio, and settling every last liability to maximize that final payout. Below, I've mapped out this unique, post-transaction canvas so you can see exactly how the firm is structured for its final act.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Key Partnerships

You're looking at the final phase of Sterling Bancorp, Inc.'s existence, where key partnerships are centered around the execution of the Plan of Dissolution following the sale of its main asset, Sterling Bank and Trust, F.S.B. The relationships here are transactional, focused on winding down obligations and distributing remaining capital to shareholders.

The core of the partnership structure revolves around the sale of the bank subsidiary and the subsequent corporate wind-down. Here are the key entities and the associated financial figures from the transaction and dissolution process:

• EverBank Financial Corp (Acquirer of the Bank)
• Bayview Acquisitions LLC (Buyer of the TIC loan portfolio)
• Legal and financial advisors for the dissolution plan
• Transfer Agent for managing shareholder distributions
• Regulatory bodies (SEC, NASDAQ) for final compliance

The acquisition of Sterling Bank and Trust, F.S.B. by EverBank Financial Corp was for a fixed cash consideration of $261,000,000, which closed on April 1, 2025.

This transaction involved the simultaneous sale of a specific loan portfolio, which was a condition for the main deal to close. The partnership with Bayview Acquisitions LLC involved the sale of all residential tenant-in-common mortgage loans. At the time of the agreement, this portfolio had an aggregate principal balance of $372,880,890 as of June 30, 2024.

The dissolution plan itself dictates how the proceeds from the $261 million sale are managed and distributed. The initial liquidating distribution declared by the Board of Directors was $4.85 per share, totaling approximately $252 million, payable on April 8, 2025, to shareholders of record as of April 1, 2025.

Here's a breakdown of the key financial and transactional data related to these final partnerships:

The Plan of Dissolution explicitly allows for the payment of retainers and other legal fees and expenses to selected law firms for services related to the implementation of the Plan and the winding up of affairs. Arnold & Porter is noted as advising Sterling Bancorp on the sale and liquidation.

The company's stock transfer books were closed effective as of the close of business on April 1, 2025. Following the initial payout, Sterling Bancorp intended to file a Form 15 with the SEC within the next 20 days to suspend its periodic reporting obligations.

• Initial Liquidating Distribution Per Share: $4.85
• Total Initial Distribution: Approximately $252 million
• Record Date for Distributions: April 1, 2025
• EverBank acquired 25 Sterling Bank branches in California and one in New York
• EverBank added $2 billion in deposits

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Key Activities

You're looking at the final, critical phase of Sterling Bancorp, Inc. (SBT) operations as of late 2025, which is entirely focused on winding down the holding company following the sale of its main asset.

Executing the approved Plan of Dissolution

• Sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp closed on April 1, 2025.
• The company received a fixed cash purchase price of $261,000,000 for the bank stock.
• A certificate of dissolution was expected to be filed with the Michigan Department of Licensing and Regulatory Affairs on April 1, 2025.
• Shareholder approval for the Plan of Dissolution was over 99% of votes cast.

Managing and liquidating remaining non-bank assets

The primary activity here is managing the cash proceeds from the bank sale and retaining only what is necessary for wind-down costs. The remaining assets are expected to be all cash.

Distributing initial liquidating cash to shareholders

The initial distribution was a major step in returning capital to the owners. The record date for this and all future distributions was set early in the process.

• Initial liquidating distribution declared was $4.85 per share.
• Total initial distribution amount was approximately $252 million.
• The initial distribution was payable on April 8, 2025.
• The record date for all future liquidating distributions was set as April 1, 2025.

Filing final regulatory and tax documentation

This involves the formal steps to cease being a publicly reporting entity. The stock transfer books were closed effective as of the close of business on April 1, 2025.

• Filed a Form 25 with the SEC to delist common stock from the Nasdaq Capital Market.
• Expected to file a Form 15 with the SEC within the next 20 days (from April 1, 2025).
• Filing the Form 15 is intended to suspend periodic reporting obligations under the Securities Exchange Act of 1934.

Settling all remaining corporate liabilities

Before any final cash distribution, Sterling Bancorp, Inc. must settle all known and reasonably foreseeable debts and obligations under Michigan law. This includes specific litigation-related costs.

Here's the quick math on one known settlement:

• Settlement agreement reached on March 6, 2025, with purported shareholders.
• Agreed payment for alleged attorneys\' fees was $253,000 in aggregate.
• The company must also cover potential liabilities and defense costs related to demand letters from two former executive officers of the former banking subsidiary.

The final liquidating distribution amount, if any, is contingent upon the resolution of these remaining items.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Key Resources

You're looking at the core assets Sterling Bancorp, Inc. (SBT) is using to execute its Plan of Dissolution following the sale of its banking operations. These aren't growth engines anymore; they are the remaining financial and intellectual capital needed to close the books and make final payments to shareholders. Here's the quick math on what's left in the vault as of late 2025.

The primary tangible resource is the cash derived from the sale of the underlying bank subsidiary. This was a fixed cash consideration event that closed on April 1, 2025. The total cash proceeds received by Sterling Bancorp, Inc. from EverBank Financial Corp. for all issued and outstanding shares of Sterling Bank and Trust, F.S.B. amounted to exactly $261 million.

Another significant asset was the disposition of a specific loan book. The Bank entered into a definitive mortgage loan purchase agreement with Bayview Acquisitions LLC for its residential tenant-in-common (TIC) mortgage loans. While the sale price isn't explicitly detailed, the aggregate principal balance of these loans as of June 30, 2024, was $372,880,890. For the purpose of the wind-down resource allocation, this asset is tracked as the proceeds from the sale of the portfolio with an approximate $349 million principal balance.

The distribution process has already begun, which means a large portion of the bank sale proceeds has been deployed to shareholders. Sterling Bancorp, Inc. declared an initial liquidating distribution of $4.85 per share, which totaled approximately $252 million, payable on April 8, 2025, to shareholders of record as of April 1, 2025. This leaves a specific amount earmarked for the final stages of the corporate wind-down.

The remaining liquid assets are the retained cash balances for final distributions. After the initial payout, Sterling Bancorp retained approximately $16 million in cash. This residual cash is held to cover the costs associated with the dissolution process and any remaining liabilities, with any final excess to be paid out later.

To manage the complex legal and financial requirements of dissolving a public company post-sale, specific expertise is a critical resource. This includes external counsel and internal personnel dedicated solely to winding down the holding company structure under Michigan law.

The key personnel and external advisors supporting the wind-down include:

• External legal counsel, such as the team led by partner Rob Azarow from Arnold & Porter.
• Retained executive and financial oversight, including Christine Meredith continuing as President and Karen Knott remaining as Chief Financial Officer and Treasurer in a consultant capacity post-closure.
• The appointment of Steven E. Gallotta as the new Chairman of the Board.

Here is a summary of the primary financial resources available for the final dissolution phase:

The entire structure is now focused on settling all existing and reasonably foreseeable debts and obligations to finalize the process. If onboarding takes 14+ days, churn risk rises-though here, the risk is delayed final shareholder payment. Finance: draft 13-week cash view by Friday.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Value Propositions

You're looking at the value proposition for Sterling Bancorp, Inc. (SBT) as it executes its Plan of Dissolution following the sale of its bank subsidiary. The core value here is the efficient return of capital to you, the shareholder, after the transaction closed on April 1, 2025.

Timely and efficient execution of the corporate dissolution is paramount. Sterling Bancorp filed its certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs on April 1, 2025, right after closing the sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp. The stock transfer books closed that same day, April 1, 2025, signaling the shift from operating entity to liquidation vehicle.

The focus immediately shifted to maximizing the final cash distribution to shareholders. The initial step was a significant return of capital. You should note the exact amount declared:

• Initial liquidating distribution declared: $4.85 per share.
• Total initial distribution amount: Approximately $252 million.
• Cash retained post-initial distribution for wind-down: Approximately $16 million.

This initial payout represented a substantial portion of the company's market capitalization around that time, which was reported near $253.13 million with shares trading at $4.84 just before the distribution announcement.

The commitment to transparency in the final winding-down process is demonstrated by the clear communication around the distribution schedule and the remaining funds. The company intends to make a final cash distribution subject to settling all creditors and liabilities, including potential defense costs related to demand letters from a purported shareholder and two former executive officers.

Here's a quick look at the key financial milestones tied to this value delivery:

The final distribution amount remains contingent, but the structure is set to return all remaining assets after the wind-down costs are covered, following Michigan law and the Plan of Dissolution.

For your records, the stock was set to be delisted from the Nasdaq Capital Market, and the company expected to file a Form 15 within 20 days of April 1, 2025, to suspend its periodic reporting obligations under the Securities Exchange Act of 1934.

Finance: draft 13-week cash view by Friday.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Sterling Bancorp, Inc. (SBT) as it winds down operations post-bank sale. The relationships are now almost entirely administrative or transactional, focused on final settlements rather than ongoing service.

Transactional relationship with shareholders (cash distribution)

The primary transactional relationship with shareholders centers on the liquidation process following the sale of the bank subsidiary. This is a one-time, or multi-stage, cash distribution event, not a recurring dividend.

The initial liquidating distribution declared was $4.85 per share, amounting to approximately $252 million in total cash distributed.

This initial payment was made on April 8, 2025, to shareholders of record as of April 1, 2025.

The relationship is defined by these key figures:

• Initial Liquidating Distribution Amount: $4.85 per share.
• Total Initial Distribution: Approximately $252 million.
• Cash Retained for Wind-Down: Approximately $16 million.
• Shareholder Approval for Dissolution: More than 99% of votes cast.

The company anticipates there may be future liquidating distributions if funds remain after settling all costs and liabilities.

Formal communication via SEC filings and press releases

Communication has shifted from ongoing operational updates to formal disclosures related to the dissolution and delisting. The relationship is governed by regulatory requirements until reporting obligations cease.

Sterling Bancorp, Inc. filed a Form 25 with the Securities and Exchange Commission to delist its common stock from the Nasdaq Capital Market.

The company expects to file a Form 15 within the next 20 days following the initial distribution to suspend its periodic reporting obligations under the Securities Exchange Act of 1934.

Key formal communication milestones include:

Shareholder Relations Department contact information remains available for requests, listing phone number (248) 355-2400.

Minimal administrative contact with former bank customers

Customer relationships for the former bank operations are now managed by the acquirer, EverBank Financial Corp. Sterling Bancorp, Inc. (SBT) has minimal direct administrative contact, as the bank subsidiary merged into EverBank, National Association, effective 12:01 a.m. (Eastern Time) on April 1, 2025.

The branch network transition involved specific closures and information dissemination:

• Michigan Branch Closure Date: Close of business on March 31, 2025.
• Non-Michigan Branches: Opened as EverBank branches on April 1, 2025.
• Information for Former Customers: Former Sterling customers at non-Michigan branches will receive additional information regarding account effects.

The holding company's direct customer-facing role ended with the bank sale.

Managing final vendor and creditor settlements

The ability to make final cash distributions to shareholders is contingent upon settling all existing and reasonably foreseeable debts and liabilities under Michigan law. This involves managing final vendor and creditor claims, which includes specific, previously disclosed liabilities.

The company must account for potential liabilities and defense costs related to demand letters received from:

• A purported shareholder.
• Two former executive officers of Sterling Bank and Trust, F.S.B..

Past financial obligations related to legal matters that have been settled include:

The criminal securities fraud restitution amount, which was $27,239,000, was paid to the Clerk of Court on August 15, 2023. Separately, a class action settlement fund of $12.5 million was distributed on December 21, 2022.

Finance: draft 13-week cash view by Friday.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Channels

You're looking at the channels for Sterling Bancorp, Inc. (SBT) in late 2025, and honestly, it's a unique situation because the company is winding down operations following the sale of its primary asset.

Direct cash distributions via the Transfer Agent

The primary channel for shareholder interaction in 2025 was the direct cash distribution process managed by the appointed paying agent. This channel executed the initial liquidating payment following the sale of the Bank subsidiary to EverBank Financial Corp. on April 1, 2025.

Computershare Inc. and Computershare Trust Company, N.A. served as the paying agent for these distributions to shareholders of record as of April 1, 2025.

The key figures for this channel are:

• Initial liquidating distribution amount per share: $4.85.
• Total approximate initial distribution amount: $252 million.
• Cash remaining for final wind-down distributions: approximately $16 million.

Official communications through SEC filings (Form 8-K, etc.)

Official regulatory disclosures served as a mandatory channel for communicating the dissolution milestones. These filings confirmed the change in status from an operating holding company to a liquidating entity.

Sterling Bancorp, Inc. filed a Form 25 with the Securities and Exchange Commission to officially delist its common stock from the Nasdaq Capital Market following the Bank sale closing on April 1, 2025. Furthermore, the company announced plans to file a Form 15 within the next 20 days after April 1, 2025, to suspend its ongoing periodic reporting obligations under the Securities Exchange Act of 1934.

The transaction itself-the sale of the Bank to EverBank for a fixed purchase price of $261 million-was documented via filings, including a Form 8-K expected around December 20, 2024, detailing the shareholder vote and the Plan of Dissolution approval.

Investor Relations website for public updates

The Investor Relations website remained the public-facing channel for disseminating time-sensitive, non-regulatory updates related to the wind-down. This included press releases detailing the critical path items for shareholders.

Key updates communicated via this channel included:

• Announcement of the initial liquidating distribution declaration on April 1, 2025.
• Confirmation of the stock transfer books closing effective as of the close of business on April 1, 2025.
• Updates regarding the final liquidating distribution amount, which is pending the completion of wind-down costs and liabilities.

Legal and accounting firms for final process execution

While the core business operations ceased, legal and accounting firms are critical channels for the final execution of the Plan of Dissolution. These firms manage the complex process of settling remaining liabilities and calculating the final distribution.

The remaining cash pool of approximately $16 million is earmarked to cover the costs associated with the dissolution, which inherently includes fees for these professional service providers. These costs cover final accounting, tax compliance for the liquidating entity, and legal defense costs related to previously disclosed demand letters, including one from a purported shareholder and two from former executive officers of the former banking subsidiary.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Customer Segments

You're looking at the final stages of Sterling Bancorp, Inc. (SBT) as a going concern, so the customer segments are primarily stakeholders receiving final value or managing wind-down obligations following the sale of its bank subsidiary.

Common Stock Shareholders (primary focus for final value)

The focus shifts entirely to the distribution of remaining assets after the April 1, 2025, sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp. The stock transfer books closed on April 1, 2025, signaling the end of active trading for the purpose of distributions.

The initial liquidating distribution was declared at $4.85 per share, totaling approximately $252 million, payable on April 8, 2025.

• Initial Liquidating Distribution Amount: $252 million
• Cash remaining after initial distribution: approximately $16 million
• Stock Price as of March 31, 2025: $4.84 / share
• Total Shares Outstanding (pre-distribution basis): 52.30M
• Institutional Shareholders (as of March 31, 2025): 80 entities holding 1,998,541 shares
• Restitution to non-insider victim-shareholders agreed upon: more than $27 million

Regulatory bodies (Federal Reserve, OCC, SEC)

These bodies govern the final wind-down process and ensure compliance with prior agreements and legal settlements. The transaction closing was approved by the Federal Reserve Board and the OCC on March 14, 2025.

Sterling Bancorp, Inc. is subject to a term of probation through 2026 related to a prior plea agreement. Prior to the sale, the OCC required prior approval for the Bank to pay dividends to the Company due to an existing OCC Agreement. The company expects to file a Form 15 with the SEC within 20 days of April 1, 2025, to suspend periodic reporting obligations.

Creditors and vendors requiring final payment

The Plan of Dissolution requires paying or providing for all creditors and existing/foreseeable debts before the final liquidating distribution to shareholders. While specific current vendor balances aren't provided for late 2025, prior financial health metrics give context to the balance sheet structure before the sale.

• Debt/Equity Ratio (prior metric): 0.03
• Long-Term Debt/Equity (prior metric): 0
• Total Revenue (FY 2024): $58 million
• Consolidated Net Income (FY 2024): $2.14 million

Former employees (for final severance/benefits)

Liabilities include potential obligations related to demand letters from two former executive officers of the Bank. Remedial actions following past issues involved the termination of over 100 officers and employees.

An older, but relevant, employment agreement for one executive specified an annual Base Salary of $950,000 effective January 1, 2019.

Finance: draft 13-week cash view by Friday.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Cost Structure

You're looking at the final, necessary expenses for Sterling Bancorp, Inc. as it executes its Plan of Dissolution following the sale of Sterling Bank and Trust, F.S.B. to EverBank Financial Corp on April 1, 2025. The cost structure here is entirely focused on winding down the holding company entity, not on ongoing operations, since the bank subsidiary was sold for $261,000,000 in cash. The key is that all these costs reduce the final cash available for distribution to shareholders, which was initially estimated to be all cash remaining after obligations were met. The initial liquidating distribution of $4.85 per share, totaling approximately $252 million, was paid out on April 8, 2025.

The remaining cash pool, approximately $16 million, is explicitly earmarked to cover the final wind-down expenses and any unforeseen liabilities. This remaining pool must cover the professional fees, administrative overhead for the shell company, and any final regulatory sign-offs required by Michigan law to officially cease existence. Honestly, these costs are what determine the size of any potential second, final distribution.

A significant, pre-existing liability that directly impacts the final cash position is the restitution ordered from the 2023 securities fraud settlement. This obligation, which Sterling Bancorp, Inc. was ordered to pay to non-insider victim-shareholders, amounts to $27,239,000.00. While the company was on probation through 2026, the settlement of this liability is a critical cost component that must be addressed before the final shareholder distribution can occur. The company also noted potential liabilities and defense costs related to demand letters from a purported shareholder and two former executive officers, which will draw from that remaining $16 million cash reserve.

Here's a quick look at the major known financial anchors related to the wind-down and associated liabilities that shape the cost structure:

The employee benefit settlement costs are primarily driven by executive and director compensation actions taken in anticipation of the closing. The Executive Compensation Committee approved the accelerated vesting of all unvested restricted stock for independent directors and certain key employees on March 19, 2025, which is a direct cost event tied to the transaction completion. This action is a significant, non-recurring expense within the holding company's final cost structure.

The remaining dissolution costs, which are the professional fees for legal/accounting/advisory services and the administrative costs for the shell company, are not explicitly itemized in the public announcements, but they are the direct purpose of the remaining $16 million cash reserve, alongside the contingent liabilities. To be fair, the final accounting for the dissolution will show these specific line items once the process is fully complete.

• Accelerated vesting of restricted stock for directors and key employees on March 19, 2025.
• Filing of a certificate of dissolution with the Michigan Department of Licensing and Regulatory Affairs on April 1, 2025.
• Expected filing of Form 15 to suspend periodic reporting obligations.

Finance: draft 13-week cash view by Friday.

Sterling Bancorp, Inc. (Southfield, MI) (SBT) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Sterling Bancorp, Inc. (SBT) as of late 2025, which is really about the realization of value from its planned dissolution following the sale of its primary asset. The focus shifts entirely from traditional banking operations to asset liquidation and shareholder distribution.

The most significant cash event was the sale of the bank subsidiary. The definitive Stock Purchase Agreement with EverBank Financial Corp set the fixed cash consideration for all issued and outstanding shares of Sterling Bank and Trust, F.S.B. at a total of $261 million. This transaction closed before the market opened on April 1, 2025.

Following the closing, the Board declared an initial liquidating distribution. This distribution was set at $4.85 per share, totaling approximately $252 million, payable on April 8, 2025. After this initial payout, the Company retained approximately $16 million in cash to complete the wind down and pay remaining obligations.

The realization of value from the legacy loan portfolio was a prerequisite for the main bank sale. Here's how the proceeds from the residential TIC loan portfolio sale were structured:

Interest income earned on retained cash balances is now a minor, transitional revenue stream, primarily generated while the remaining cash is held prior to the final distribution. You can see the sharp drop in the balance sheet's cash position reflecting this transition. Cash and Due from Banks stood at $502,121,000 on December 31, 2024, but had decreased to $131,073,000 by September 30, 2025. This remaining cash balance is what generates the final interest income before the final wind-down distribution.

Regarding the recovery of any remaining tax assets or refunds, the financial landscape was significantly shaped by the prior legal settlements. As part of the 2023 plea agreement with the Department of Justice, Sterling Bancorp, Inc. agreed not to seek a tax deduction for the $27,239,000.00 restitution payment. The last reported balance for the Deferred tax asset, net, was $16,959,000 as of December 31, 2023.

The remaining revenue sources are tied to the wind-down process, which includes:

• Cash proceeds from the sale of Sterling Bank and Trust: $261 million.
• Initial Liquidating Distribution: Approximately $252 million paid out.
• Residential TIC Loan Sale Proceeds: Calculated based on 87% of the $349 million principal balance plus interest.
• Cash on Hand for Final Distribution: Approximately $16 million remaining after the initial payout.

Finance: draft final cash reconciliation schedule by next Tuesday.