Fox Business - The Power to Prosper
Search Site

Sterling Bancorp

Related Topics

  1. Fifth Third Bancorp
  2. US Bancorp
  3. Hudson City Bancorp
  4. Zions Bancorp.
  5. Richard Davis
  6. M&T Bank
Get updates on 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...

Read More ›

  1. Will 2011 Be Better for Banking?

    Sterling National Bank President John Millman argues small community banks will be burdened by additional costs and meeting expectations of regulators.

  2. Will 2011 Be Better for Banking?

    Sterling National Bank President John Millman argues small community banks will be burdened by additional costs and meeting expectations of regulators.

  3. Government Rescue for CIT Group?

    Sterling Bancorp CEO Louis Cappelli and Dow Jones Newswires Columnist Kathleen Madigan on reports of talks between government regulators and CIT Group about possible government aid.

  1. Factbox: U.S. companies delay results due to Sandy

    Dozens of U.S. companies postponed releasing quarterly results after superstorm Sandy hit the U.S. east coast, disrupting power supplies and transportation and flood...

  2. Sandy Delays Quarterly Results

    Dozens of U.S. companies postponed releasing quarterly results as Sandy, one of the biggest storms to hit the United States, pounded the east coast, flooding large p...

  3. Companies Postpone Earnings Reports in Light of Hurricane Sandy

    A number of U.S. companies disclosed plans to postpone their quarterly reports because of the pending arrival of Hurricane Sandy on the East Coast, a move that comes...

  4. Factbox: Companies delay results due to hurricane

    Dozens of U.S. companies postponed releasing quarterly results as Hurricane Sandy headed towards the U.S. East Coast on Monday.Forecasters said the 1,000-mile-wide (...

  5. Should You Switch to a 15-Year Mortgage?

    Lloyd Streisand of Sterling National Bank discusses mortgage options in the current market.

  6. Markets Rally Despite Data

    FOX Business: The Power to ProsperStocks closed solidly higher as traders cheered encouraging corporate news and shrugged off downbeat economic data and rising oil p...

  7. Markets in the Green

    FOX Business: The Power to ProsperStocks moved solidly higher as traders cheered encouraging corporate news and shrugged off downbeat economic data and rising oil pr...

Freebase CC-BY
Source: Sterling Bancorp on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL