Sterling National, Astoria Bank Merge


Sterling National Bank

Local businesses and business owners often face a kaleidoscope of choices, and it can often be difficult to determine which financial institutions offer the right balance of service, array of products, rates and fees.

The recent merger of Sterling Bancorp with Astoria Financial Corporation took place in early October and brought together two complementary banks with deep roots in the Metro New York area.

It also created an exciting option for Queens businesses and banking consumers, combining the overall capabilities of a large commercial bank with the high-touch services of a smaller, local bank highlighted by a unique single point of contact model for all its clients’ banking and financial service needs.

Together, the two institutions have formed a high-performing regional bank with over $30 billion in assets across the New York City, Hudson Valley, Long Island, and Northern New Jersey markets.

Sterling was recently ranked #36 on Forbes magazine’s annual list of America’s Best Banks, having grown significantly through acquisition and organic growth over the last seven years.

With the Astoria Bank merger now complete, Sterling provides over $20 billion in loans and over $19 billion in deposits, with a diversified commercial and consumer loan and deposit base, a solid capital foundation, and broad footprint in a dynamic and growing marketplace.

The completion of this transaction brings the best of Sterling and Astoria together, and will allow the bank to provide clients with an expanded network of locations, more tailored financial solutions and enhanced expertise, noted Jack L. Kopnisky, president and CEO of Sterling Bancorp.

“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,” he said.

Sterling offers targeted business banking and commercial banking solutions with expert guidance by top-performing financial specialists. For companies with sales of $1 million to $10 million, Sterling deploys a unique five-point approach to understand and proactively add value.

Utilizing a single point of contact delivery model supported by a team of experts and digital tools, managing directors in Sterling’s 120-plus local financial centers take business owners through a cash flow pain-point analysis and help them access capital using local credit decision-making.

They also help clients prepare for the “what ifs” that can occur, and are instrumental in building business connections, all of which helps to create a unique and extraordinary personal experience.

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