Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



Provident and Sterling Get Regulatory Merger Approval

Provident New York Bancorp (UNKNOWN: PBNY.DL  ) and Sterling Bancorp (NYSE: STL  ) jointly announced today that they had received all the necessary regulatory approvals for their planned merger that was originally announced on April 4. The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the New York State Department of Financial Services have all signed off on merger.

Assuming the satisfactory completion of the remaining terms of the agreement, the banks will take the name Sterling Bancorp, while Provident Bank will be converted to a national bank charter under the Sterling National Bank name.

The merger agreement is a stock-for-stock transaction valued at $344 million. Sterling Bancorp shareholders will receive a fixed ratio of 1.2625 shares of Provident stock for each share of Sterling stock they own. Provident shareholders will own approximately 53% of stock in the combined company, while Sterling shareholders will own approximately 47%. The combined companies had annualized pro forma revenue for 2012 of $257 million and $41 million in net income, and upon completion of the merger will have nearly $7 billion in assets.

When the merger was originally announced, Provident New York Bancorp President and CEO Jack L. Kopnisky said: "This merger is a tremendous opportunity for Provident and a significant step in our strategy to expand within the greater New York metropolitan area. It provides greater diversity of product sets, clients, and revenue streams while presenting considerable potential to build our small- to middle-market and consumer client bases."

The merger is expected to be completed after the close of business on Oct. 31.

Read/Post Comments (1) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Add your comment.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2692707, ~/Articles/ArticleHandler.aspx, 9/24/2016 6:59:47 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 21 hours ago Sponsored by:
DOW 18,261.45 -131.01 -0.71%
S&P 500 2,164.69 -12.49 -0.57%
NASD 5,305.75 -33.78 -0.63%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/31/2013 4:00 PM
PBNY.DL $11.72 Up +0.16 +0.00%
Provident New York… CAPS Rating: ***
STL $17.37 Down -0.09 -0.52%
Sterling Bancorp CAPS Rating: No stars