Sterling, Astoria agree to latest US banking merger
March 08, 2017
National Banks | New Hyde Park, NY | Corporate Acquisition
Sterling Bancorp (NYSE: STL) has agreed to take a 60% stake in Astoria Financial (NYSE: AF) through a stock-for-stock transaction valued at $2.2 billion. The combined company will have about $29 billion in assets; Sterling stock fell about 5% on Tuesday while Astoria shares gained almost 12%. The deal is the latest example of ongoing regional consolidation among smaller US banks.