Sterling Bancorp (NYSE:STL) (“Sterling”) today announced the completion of its previously announced merger with Astoria Financial Corporation (NYSE:AF) (“Astoria”). The merger leverages Astoria’s strong presence on Long Island and complements Sterling’s expansion strategy in the greater New York City market. The transaction combines two banks with deep ties to the markets and communities they serve. The combined bank will have approximately $30 billion in assets, $20 billion in gross loans and over $19 billion in deposits with a diversified commercial and consumer loan and deposit base, solid capital foundation and broad footprint in a dynamic and growing marketplace. The combined institution will serve New York City, Westchester County, the Hudson Valley, Long Island, and northern New Jersey. The combined company will operate under the Sterling Bancorp name and its principal banking subsidiaries will operate under the name of Sterling National Bank.
Jack L. Kopnisky, President and CEO of Sterling Bancorp said, “The completion of this transaction brings the best of Sterling and Astoria together, allowing us to expand our marketplace, to provide clients with an expanded network of locations, client-centric solutions, and enhanced expertise at the new Sterling. The combined company will be a Top 10 regional bank in the greater New York metropolitan area that is focused on delivering superior operating performance, providing distinctive service to our clients, creating an environment for our colleagues to be successful, and serving our communities.”
Read the full press release to learn more about the Sterling Bancorp and Astoria Financial Corporation merger.