Provident New York Bancorp and Sterling Bancorp Receive Regulatory Approvals for Merger

Provident New York Bancorp and Sterling Bancorp Receive Regulatory Approvals 
for Merger 
Targeting October 31, 2013 to Close 
MONTEBELLO, NY and NEW YORK, NY -- (Marketwired) -- 10/21/13 -- 
Provident New York Bancorp (NYSE: PBNY) and Sterling Bancorp (NYSE:
STL) jointly announced today that they have now received all required
regulatory approvals necessary to consummate their planned merger,
including the approval of the Board of Governors of the Federal
Reserve System, the Office of the Comptroller of the Currency and the
New York State Department of Financial Services. Subject to the
satisfaction of the remaining conditions in the merger agreement, the
merger is expected to be completed after the close of business on
October 31, 2013. 
As previously announced, the merged holding company will take the
name Sterling Bancorp and Provident Bank will be converted to a
national bank charter under the Sterling National Bank name. 
"We are pleased to have all of the approvals complete on this merger,
and are looking forward to its completion," said Jack L. Kopnisky,
President and CEO of Provident New York Bancorp. "By bringing
together two banks with a reputation for hands-on, highly
personalized service, we will create a high performing organization
with an unwavering commitment to go above and beyond to meet client
needs. We are excited to bring the new Sterling National Bank to
"We look forward to completing our merger, which is designed to
create a stronger banking resource for our customers, enhance
opportunities for business growth and shareholder value, and build a
bright future based on the talents and commitment of our combined
teams," commented Louis J. Cappelli, Chairman and CEO of Sterling
About Provident New York Bancorp  
Provident New York Bancorp is the bank holding company for Provident
Bank. With approximately $3.8 billion in assets, Provident Bank is a
growing financial services firm that specializes in the delivery of
service and solutions to business owners, their families, and
consumers in communities within the greater New York City
metropolitan area through teams of dedicated and experienced
relationship managers. Provident Bank offers a complete line of
commercial, business, and consumer banking products and services. For
more information, visit the Provident Bank Web site at  
About Sterling Bancorp  
Sterling Bancorp (NYSE: STL) is a New York City-based financial
corporation with assets of $2.7 billion. Since 1929, Sterling
National Bank, the Company's principal banking subsidiary, has
successfully served the needs of businesses, professionals and
individuals in the NY metropolitan area and beyond. Sterling is
well-known for its high-touch, hands-on approach to customer service
and a special focus on serving the business community. Sterling
provides clients with a full range of depository and cash management
services and a broad portfolio of financing solutions -- including
working capital lines, accounts receivable and inventory financing,
factoring, trade financing, payroll funding and processing, equipment
financing, commercial and residential mortgages and mortgage
warehouse lines of credit. For more information, visit  
Forward-Looking Statements 
The information presented herein contains forward looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995 giving Provident New York Bancorp and Sterling Bancorp's
expectations or predictions of future financial or business
performance or conditions. Forward-looking statements are typically
identified by words such as "believe," "expect," "anticipate,"
"intend," "target," "estimate," "continue," "positions," "prospects"
or "potential," by future conditional verbs such as "will," "would,"
"should," "could" or "may", or by variations of such words or by
similar expressions. Such forward-looking statements include, but are
not limited to, statements about the benefits of the business
combination transaction involving Provident and Sterling, including
future financial and operating results, the combined company's plans,
objectives, expectations and intentions and other statements that are
not historical facts. These forward-looking statements are subject to
numerous assumptions, risks and uncertainties which change over time.
Forward-looking statements speak only as of the date they are made
and we assume no duty to update forward-looking statements. 
In addition to factors previously disclosed in Provident's and
Sterling's reports filed with the Securities and Exchange Commission,
the following factors among others, could cause actual results to
differ materially from forward-looking statements: ability to meet
closing conditions to the merger on the expected terms and schedule;
delay in closing the merger; difficulties and delays in integrating
the Provident and Sterling businesses or fully realizing cost savings
and other benefits; business disruption following the proposed
transaction; changes in asset quality and credit risk; the inability
to sustain revenue and earnings growth; changes in interest rates and
capital markets; inflation; customer borrowing, repayment, investment
and deposit practices; customer disintermediation; the introduction,
withdrawal, success and timing of business initiatives; competitive
conditions; the inability to realize cost savings or revenues or to
implement integration plans and other consequences associated with
mergers, acquisitions and divestitures; economic conditions; changes
in Provident's stock price before closing, including as a result of
the financial performance of Sterling prior to closing; the reaction
to the transaction of the companies' customers, employees and
counterparties; and the impact, extent and timing of technological
changes, capital management activities, and other actions of the
Federal Reserve Board and legislative and regulatory actions and
Annualized, pro forma, projected and estimated numbers are used for
illustrative purpose only, are not forecasts and may not reflect
actual results. 
Provident New York Bancorp/Investors: 
Luis Massiani 
Chief Financial Officer 
Sterling Bancorp:
John Tietjen 
Chief Financial Officer 
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