Today, Sterling Bancorp announced that it has entered into a merger agreement with Astoria Financial. You'll be receiving a letter from our CEO, Jack Kopnisky, in the next few days regarding the merger.
Our combined company will operate as Sterling National Bank, and we expect the merger to close in the fourth quarter 2017, pending regulatory approval. Sterling's Jack Kopnisky will serve as chief executive officer of the new company and the leadership team of the combined company will be assembled from both organizations.
In the meantime, rest assured this announcement has no immediate impact on you. Our day-to-day operations have not changed and we will continue to conduct business as usual. You can continue to contact your relationship manager or financial center and will be able to use all of our services as you currently do. We remain focused on your needs and will continue to provide the outstanding service and support you expect from us.
This new partnership will provide clients of both organizations a stronger bank, a broader range of services and a larger team of dedicated, experienced relationship managers.
In addition to sharing a New York heritage, Sterling and Astoria share a strong commitment to superior client service.
- Sterling and Astoria have complementary core strengths. Astoria brings a significant deposit base and large presence in attractive markets in NYC and Long Island, we bring team based delivery capabilities, strong lending capabilities, and a balanced loan portfolio.
- Astoria was established in 1888 (same as Sterling), has $14.6 billion in assets, $8.9 billion deposits in New York, and is the second largest thrift depository in New York.
- Please visit www.astoriabank.com for more information.
It is most important for you to know that our commitment to our Sterling clients and communities remains steadfast. And, that commitment will continue through the merger process and beyond.
We will update you as we progress through the merger process. In the meantime, please reach out to your relationship manager, local financial center, our client service center, or visit snb.com.
Thank you for your support. We look forward to serving you throughout this process and for many years to come!