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Photo via Google Maps
Photo via Google Maps
Astoria Bank's location in Flushing.

Sterling Bancorp and Astoria Financial Corporation announced on March 7 that they will merge in a stock-for-stock transaction valued at approximately $2.2 billion.

The resulting institution will be the sixth-largest regional bank in the New York City area in terms of deposits, and have $29 billion in total assets.

The combined company will operate under the Sterling Bancorp name and its principal banking subsidiary will operate under the name Sterling National Bank. The resulting institution will have span the New York City, Hudson Valley, Long Island and northern New Jersey area.

In December, New York Community Bancorp (NYCB) and Astoria Bank announced that a merger agreement between the two financial institutions fell through, effective Jan. 1. The decision came 14 months after NYCB announced that it had purchased Astoria Financial Corporation, holding company for Astoria Bank, in a $2 billion deal.

“By joining forces, Astoria and Sterling will create one of the leading banking enterprises in the NYC metropolitan area and will be well positioned to deliver performance and value for our customers, shareholders, employees and communities,” said Jack L. Kopnisky, President and CEO of Sterling. “We are excited about the opportunity to bring together two companies with extremely complementary strengths, providing a platform to extend Sterling’s business banking solutions across a substantially larger market area, while introducing Astoria’s retail products to a wider financial center network.”

“We are very pleased to be merging with Sterling Bancorp,” said Monte N. Redman, President and Chief Executive Officer of Astoria Bank. “Astoria Bank’s strong presence in attractive markets should provide Sterling with an ideal platform from which to continue executing on their differentiated, team-based commercial relationship model.”

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