Sterling Bancorp has completed its previously announced merger with Hudson Valley Holding. The merger forms an institution with approximately $11.2 billion in assets, $6.9 billion in gross loans and over $8.4 billion in deposits, which will serve the dynamic metropolitan region comprising New York City, Westchester County, the Hudson Valley, Long Island and New Jersey.

The combined company will operate under the Sterling Bancorp name and its principal banking subsidiary will operate under the name Sterling National Bank.

“The completion of this transaction will further advance our goal of building a high performance regional bank. We are pleased to bring together two strong banking institutions with a shared focus on serving the financial needs of the businesses and consumers in our communities, as well as complementary cultures, and teams of talented and highly dedicated professionals,” said Jack L. Kopnisky, president and CEO of Sterling Bancorp. “We look forward to realizing the benefits of the merger in terms of enhanced client service, greater profitability, and the potential for increasing shareholder value.”

“By joining forces with Sterling, we have created a stronger banking institution, expanded the range of financial solutions for existing and new clients, and created an opportunity for our shareholders to have a stake in a growing public company,” said Stephen R. Brown, president and CEO of Hudson Valley Holding.

Pursuant to the terms of the agreement and plan of merger, dated as of November 4, 2014 between Sterling and Hudson Valley, each share of Hudson Valley common stock has been converted into the right to receive 1.92 shares of Sterling common stock.

Sterling Bancorp’s Board of Directors will add four Hudson Valley directors in connection with the merger, with John P. Cahill, James J. Landy, Craig Thompson and William Whiston set to join.

“We welcome our new directors from Hudson Valley and look forward to the insights they will contribute as we move forward,” said Louis J. Cappelli, chairman of the board of Sterling Bancorp. “Both the Sterling and Hudson Valley teams can be proud of their efforts to build strong, thriving institutions, which have now come together to create a leading regional bank.”

The board has not experienced growth alone in connection with the merger, as James Klein retired from his position, effective immediately prior to the merger.

Jefferies served as lead financial advisor to Sterling Bancorp and rendered a fairness opinion to the board of directors of Sterling in connection with the transaction. RBC Capital Markets also rendered a fairness opinion to Sterling. Wachtell, Lipton, Rosen and Katz acted as Sterling’s legal counsel.

Keefe, Bruyette and Woods served as financial advisor to Hudson Valley Holding Corp. and rendered a fairness opinion to the Board of Directors of Hudson Valley in connection with the transaction. Day Pitney acted as Hudson Valley’s legal counsel.