Sterling Bancorp completed its previously announced merger with Astoria Financial. The merger will leverage Astoria’s presence on Long Island to complement Sterling’s expansion strategy in the greater New York City market.

The combined bank will have approximately $30 billion in assets, $20 billion in gross loans and more than $19 billion in deposits with a diversified commercial and consumer loan and deposit base, solid capital foundation and broad footprint in the marketplace. The combined institution will serve New York City, Westchester County, the Hudson Valley, Long Island and Northern New Jersey and will operate under the Sterling Bancorp name, and its principal banking subsidiaries will operate under the name of Sterling National Bank.

Jack L. Kopnisky, president and CEO of Sterling Bancorp, said, “The completion of this transaction brings the best of Sterling and Astoria together, allowing us to expand our marketplace, to provide clients with an expanded network of locations, client-centric solutions and enhanced expertise at the new Sterling. The combined company will be a top 10 regional bank in the greater New York metropolitan area that is focused on delivering superior operating performance, providing distinctive service to our clients, creating an environment for our colleagues to be successful and serving our communities.”

Monte Redman, president and CEO of Astoria Financial, said, “The consummation of the merger with Sterling creates a stronger institution for our shareholders as well as providing our clients with enhanced products and services tailored to their needs.”

In connection with the completion of the merger, four Astoria directors, Ralph Palleschi, Redman, Robert Giambrone and Patricia M. Nazemetz will join the board of directors of Sterling Bancorp.

Richard O’Toole, chairman of the board of Sterling, said, “We welcome our new directors from Astoria and look forward to the insights they will contribute as we move forward. The Sterling and Astoria teams have come together to create a high performing regional bank.”

RBC Capital Markets and Citi served as lead financial advisors to Sterling and rendered fairness opinions to the board of directors of Sterling in connection with the transaction. Squire Patton Boggs acted as Sterling’s legal counsel. Sandler O’Neill + Partners served as financial advisor to Astoria and rendered a fairness opinion to the board of directors of Astoria in connection with the transaction. Wachtell, Lipton, Rosen & Katz acted as Astoria’s legal counsel.