Sterling Bancorp is the holding company for Sterling Bank, a federally chartered savings bank focused on deposit-taking and lending in the San Francisco and Los Angeles metro areas, with 27 branches across California, New York City, and Michigan. Sterling operates as a traditional community bank, earning net interest income from the spread between loan and investment yields and deposit funding costs. The loan portfolio is centered on residential mortgages, commercial real estate, and commercial and industrial loans. Sterling is effectively in wind-down: the Bank suspended all new residential originations in early 2023, and in September 2024, Sterling agreed to sell Sterling Bank to EverBank for $261M in cash, with the holding company planning to dissolve and distribute remaining cash to shareholders afterward. The sale was approved by shareholders in December 2024 and is expected to close in Q2 2025, pending regulatory approval. Sterling's current state reflects years of fallout from a fraud scandal tied to its legacy Advantage Loan Program — adjustable-rate residential mortgages that were the Bank's primary product until discontinued in 2019 — during which employees engaged in misconduct around income verification. This triggered DOJ and OCC investigations and a $6M civil penalty. As a condition of the EverBank deal, Sterling must also sell its roughly $349M tenant-in-common loan portfolio to Bayview Acquisitions at 87% of unpaid principal balance before closing.