Forging Strong Growth — Sterling Merges with Provident to Expand Reach

In April 2013, Provident New York Bancorp and Sterling Bancorp announced they were to merge in a transaction valued at $344 million. As Sterling’s CFO Howard Applebaum explains to ABF Journal contributing editor Howard Brod Brownstein, the ultimate goal of the union is to expand product offerings, footprint and client base — while maintaining the high level of customer service for which both banks are known.

Provident New York Bancorp, Sterling Bancorp to Merge

Provident New York Bancorp and Sterling Bancorp entered into a definitive merger agreement in a stock-for-stock $344 million transaction. BofA Merrill Lynch, Credit Suisse Securities, J.P. Morgan Securities and Keefe Bruyette & Woods served as financial advisors.