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Sterling Bancorp and Astoria Financial Corporation Announce Federal Reserve Board Approval

August 31, 2017

Sterling Bancorp (NYSE:STL), the holding company for Sterling National Bank, and Astoria Financial Corporation (NYSE:AF), the holding company for Astoria Bank, announced today that the Board of Governors of the Federal Reserve System ("FRB") has approved the merger of Astoria with and into Sterling (the "Merger"). As previously announced on August 16, 2017, the Merger received approval from the Office of the Comptroller of the Currency ("OCC"). The Merger, which was announced March 7, 2017, was also approved by the shareholders of Astoria Financial Corporation and Sterling Bancorp on June 13, 2017. The parties have now received all required approvals necessary to consummate the Merger, which remains subject to other customary closing conditions. Assuming such conditions are satisfied, Sterling Bancorp and Astoria Financial Corporation expect to complete the Merger on October 2, 2017.

Learn more about the merger.