EverBank has announced plans to acquire Sterling Bank for $261 million, through a stock purchase agreement. 

Jacksonville, Fla.-based EverBank is set to acquire Sterling’s 25 branches, $900 million in loans and $2 billion in annual deposits, and aims to expand its operations in San Francisco and other localities in California, an EverBank spokesperson told Bank Automation News.

“Nineteen of those branches are in the Bay Area, which we view as a highly promising consumer and commercial banking market,” the spokesperson said. “The acquisition of Sterling Bank is part of EverBank’s long-term growth strategy and will significantly accelerate EverBank’s expansion in California.” 

After the transaction closes, Sterling Bank branches will become EverBank financial centers and Sterling Bank employees will join us as EverBank associates, the spokesperson said. 

The transaction, announced Sept. 16, is subject to approval of Sterling Bank’s shareholders and federal regulatory authorities, and is expected to be completed in the first quarter of 2025, the spokesperson said. 

In March 2023, Sterling Bank agreed to pay $69 million to settle charges filed by the U.S. Department of Justice for securities fraud and filing false securities statements relating to its 2017 initial public offering and its 2018 and 2019 annual filings. 

“EverBank is fully aware of Sterling Bancorp’s past legal and regulatory issues and Sterling Bank’s past regulatory issues,” the spokesperson said. EverBank is confident “that all prior regulatory issues have been fully resolved and will not impact the review and outcome of the announced transaction.” 

Bank3 selects Tyfone for digital banking

Memphis, Tenn.-based Bank3 has selected Tyfone to improve its digital banking offering. 

“Community FIs are increasingly tying more of their strategic objectives to digital experiences,” Marcell King, chief commercial officer at Tyfone, told BAN. “Greater engagement from digital channels is directly correlated to deposit growth.”  

The $62 million Bank3 will use Tyfone’s nFinia digital banking platform, a cloud-based API-driven platform, to provide improved experience to its commercial and retail customers, the release stated. 

There is increased demand from community banks and credit unions for improved digital experiences to retain and grow their consumer bases along with digital instant payments and digital back-office automation tools, King said. 

The $10 billion Star One Credit Union, $2 billion Emprise Bank and $4 billion Numerica Credit Union are among Tyfone’s customers, according to the company. 

Brex, Mastercard launch B2B global payments

Expense management fintech Brex has launched its Brex Embedded payment solution with Mastercard to allow B2B apps to integrate its global corporate card and payments capabilities directly into their platforms. 

Brex Embedded will use Mastercard’s API capabilities to enable software vendors to embed Brex’s virtual cards into their workflows for secure global payments in local currencies, a Brex spokesperson told BAN. 

“With the flexibility to issue virtual cards in over 50 countries, we’re allowing companies with global operations to reconcile transactions in currency and in real time,” the spokesperson said.  

B2B payments fintechs Sabre and Coupa are already using Brex Embedded to provide their customers with additional capabilities to make cross-border payments and increase revenue, the spokesperson said. 

“We’ve already seen Embedded users save an average of 440 hours per year on manual reconciliation and hundreds of thousands on FX fees,” the spokesperson said. The solution comes with enhanced safety features, including manual and auto-locking on suspicious transactions, they noted. 

Rippling selects Marqeta for corporate credit cards

Human resource management service provider Rippling has selected fintech Marqeta to provide its corporate clients in Canada with credit cards. 

“Marqeta’s platform integrates with Rippling’s corporate card through APIs that connect Rippling’s [human capital management] data with Marqeta’s card issuance and management capabilities, enabling real-time data sharing,” Todd Pollak, chief revenue officer at Marqeta, told BAN.  

“Rippling can automate card issuance during onboarding and cancel cards during offboarding, sync with employee records to enforce customized spending controls and provide real-time transaction monitoring and controls.” 

Through the offering, Marqeta can help different departments in a company manage their expense while allowing the accounting department to provide custom spending rules to card holders, Pollak said. 

Payments company Block (formerly Square), spend-management company Torpago and crypto trading platform Coinbase are a few of Marqeta’s customers, according to the company. 

Nasdaq, Nubank team up on compliance

Nasdaq is providing its regulatory compliance solution, AxiomSL, to Brazil-based digital bank Nubank, according to a Sept. 23 release from the financial services organization. 

AxiomSL supports financial and regulatory reporting requirements across 55 countries and will help $43 billion Nubank in maintaining compliance in Brazil, Mexico and Colombia, according to the release. 

“Digital banking services in Latin America are experiencing a period of extraordinary development, with online marketplaces, open banking and innovative technology combining to empower a new generation of consumers,” Ed Probst, senior vice president of regulatory technology at Nasdaq, said in the release. Providing services to Nubank helps Nasdaq deepen its relationship with financial services companies in the region, he added. 

Nasdaq has more than 50 banking and payment services clients in Latin America, including Sao Paolo-based $11.3 billion C6 Bank and Mexico City-based digital bank Bankaool, according to the release. 

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