EverBank Financial Corp. said April 1 it completed the acquisition of Sterling Bank and Trust F.S.B, a deal that expands the Jacksonville-based bank’s branch network in California.
EverBank acquired 25 Sterling branches in the San Francisco and Los Angeles markets and one branch in New York.
“The acquisition of Sterling Bank is an important milestone for our long-term growth strategy in California and nationwide,” EverBank CEO Greg Seibly said in a news release.
“California is the country’s largest banking market, and we’re looking forward to serving new consumer and business clients in the state and delivering to them the performance-driven advantages of banking with EverBank,” he said.
Besides growing its presence in California, the acquisition significantly expands the overall branch network for the bank which has previously focused on serving customers online.
According to Federal Deposit Insurance Corp. data, EverBank had 15 offices before the acquisition, with 11 of them in Florida and one each in New York and Missouri.
EverBank opened its first offices in California in the Los Angeles and Sacramento markets in late 2024.
“EverBank has deep roots in California, and many of our senior leaders are veteran bankers in the market and understand the unique needs of California clients,” Seibly said.
EverBank said it added $2 billion in deposits with the acquisition of Sterling. The FDIC reported it had total deposits of about $29 billion as of June 30.