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Sterling Bancorp

Provident New York to Buy Sterling Bancorp

Provident New York Bancorp (PBNY) agreed to acquire Sterling Bancorp (STL) in a stock deal valued at $344 million that will leave Provident New York holders with a 53% stake in the merged lender."This merger is a tremendous opportunity for Provident and a significant step in our strategy to expand within the greater New York metropolitan area," Provident New York Chief Executive Jack Kopnisky said. "The combined business will be a more effective competitor in the marketplace than either company on its own."Sterling holders will receive 1.2625 Provident shares for each Sterling share, or about $11.12 a share based on Provident's Wednesday close, an 11% premium. The deal is set to close in the fourth quarter.The combined entity will be called Sterling National Bank. Its management team will include executives from both lenders. Mr. Kopnisky will be CEO, while Sterling Bancorp's Louis J. Cappelli will be chairman.The deal is expected to generate $34 million a year in cost savings and Prov...

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