Sterling Bancorp and Astoria Financial Corporation Announce Plans to Merge, Creating a High Performing Regional Bank
ASTORIA FINANCIAL (AF)
Last astoria financial earnings: 7/26 04:45 pm
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US:NYSE Investor Relations:
phx.corporate-ir.net/phoenix.zhtml?c=94317&p=irol-news&nyo=0
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Source: Marketwire
MONTEBELLO, NY and LAKE SUCCESS, NY -- (Marketwired) -- 03/07/17 -- Sterling Bancorp (NYSE: STL) ("Sterling") and Astoria Financial Corporation (NYSE: AF) ("Astoria") announced today that they have entered into a definitive merger agreement in a stock-for-stock transaction valued at approximately $2.2 billion, based on the closing price of Sterling Bancorp common stock on March 6, 2017. The merger agreement calls for a fixed exchange of 0.875 shares of Sterling common stock for each share of Astoria common stock. The resulting purchase price of $21.92 per Astoria share represents an 18.6% premium to Astoria's share price as of the close of business on March 6, 2017. Upon closing, Sterling stockholders will own approximately 60% of the combined company and Astoria stockholders will own approximately 40%. The strategic combination will create a high performing regional bank with a diversified business mix, serving the needs of
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