Sterling Bancorp closes Astoria Financial purchase
Sterling National Bank has rebranded Astoria Bank branches throughout Long Island. Credit: Newsday / David Reich-Hale
Sterling Bancorp on Monday said it has completed its $2.2 billion, all-stock acquisition of Lake Success-based Astoria Financial Corp.
Sterling, based in upstate Montebello, now has $30 billion in assets, $20 billion in gross loans and over $19 billion in deposits.
Sterling announced its planned acquisition of Astoria in March. Astoria’s branches have been rebranded as Sterling National Bank.
As part of the merger, Sterling said it plans to lay off about 200 former Astoria Financial staffers on Long Island.
Sterling wouldn’t say which jobs are being eliminated.
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