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

PR Newswire

MONTEBELLO, N.Y. and NEW YORK, Oct. 21, 2013

MONTEBELLO, N.Y. andNEW YORK, Oct. 21, 2013 /PRNewswire/ --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,

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 market."

"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 Bancorp. 

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

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 reforms.

Annualized, pro forma, projected and estimated numbers are used for
illustrative purpose only, are not forecasts and may not reflect actual

SOURCE Sterling Bancorp

Contact: Provident New York Bancorp/Investors: Luis Massiani, Chief Financial
Officer,, 845.369.8040 or Sterling Bancorp: John Tietjen,
Chief Financial Officer,, 212.757.8035
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