Provident New York Bancorp Completes Merger With Sterling Bancorp
Newly Branded Sterling National Bank Creates High-Performing Organization
Focused on Delivering Service Excellence to Clients in the Greater New York
MONTEBELLO, N.Y., Nov. 1, 2013
MONTEBELLO, N.Y., Nov. 1, 2013 /PRNewswire/ -- Provident New York Bancorp
announced today the completion of its previously announced acquisition of
Sterling Bancorp, which became effective after the close of business on
October 31, 2013. The combined company, known as Sterling Bancorp, will trade
on the New York Stock Exchange under the new ticker symbol "STL". With assets
of nearly $7 billion, the company will specialize in serving small-to-middle
market commercial and consumer clients across the greater New York
metropolitan area. In connection with the acquisition, Sterling National Bank
merged with Provident Bank. Provident Bank has converted to a national bank
charter and has adopted the Sterling National Bank name.
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"By adding Sterling's highly complementary product sets to Provident's
heritage of team-based delivery, we can now offer the communities we serve a
broader range of financial solutions and a commitment to go above and beyond
to meet their needs," said Jack L. Kopnisky, President and CEO of Sterling
National Bank. "This acquisition allows us to leverage the strengths of both
organizations and create a stronger bank that is poised for growth."
Under the terms of the merger agreement, shareholders of Sterling Bancorp
prior to the merger will receive a fixed exchange ratio of 1.2625 shares of
the new company's common stock for each share of Sterling Bancorp common
stock, with cash to be paid in lieu of any fractional shares. Each option to
purchase shares of Sterling Bancorp common stock granted by Sterling prior to
the merger was converted into an option to purchase shares of the new
company's common stock, subject to adjustment of the exercise price and the
number of shares issuable upon exercise of the option based on the 1.2625
exchange ratio. Sterling Bancorp shareholders will receive information shortly
on how to exchange their Sterling Bancorp shares for shares of the merged
company. Provident branches will begin operating under the Sterling National
Bank brand on November 1.
The Sterling National Bank leadership team draws on senior management from
both organizations. Mr. Kopnisky is CEO and President of the combined company,
while Louis J. Cappelli, formerly Sterling Bancorp's chairman and CEO, will
serve as the Chairman of the Board. Luis Massiani will serve as Chief
Financial Officer and Rodney Whitwell as Chief Operating Officer and Chief
Team-based sales delivery is focused geographically under the leadership of
Jim Peoples, as President of Regional Banking, with David Bagatelle as
President of NY Metro Markets, Michael Bizenov as President of Consumer
Banking, and Vinny DeLucia as President of North and Central NY Markets.
Howard Applebaum will lead commercial lending units as President of Commercial
Rounding out the executive team is Dale Fredston, General Counsel; Wayne
Miller, Chief Credit Officer; and Jean Strella, Chief Human Capital Officer.
The board of directors of the combined company is comprised of seven former
Provident directors and six former Sterling directors. In addition to Mr.
Kopnisky and Mr. Cappelli, the board of directors will include former
Provident directors James F. Deutsch, Navy E. Djonovic, William F. Helmer,
Thomas G. Kahn, Richard O'Toole and Burt Steinberg, as well as former Sterling
directors Robert Abrams, Fernando Ferrer, James B. Klein, Robert W. Lazar and
John C. Millman.
"This combination gives our clients an even greater choice of financial
solutions, while increasing our footprint within the New York metropolitan
area. It also sets the stage for strong growth and shareholder value
creation," said Mr. Cappelli.
About Sterling Bancorp
Sterling Bancorp is the holding company for Sterling National Bank, a
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 area through teams of dedicated and
experienced relationship managers. Sterling National Bank offers a complete
line of commercial, business, and consumer banking products and services. For
more information, visit www.snb.com.
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: difficulties and delays in integrating the
Provident and Sterling businesses or fully realizing cost savings and other
benefits; 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;
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 National Bank
Contact: Luis Massiani, EVP & Chief Financial Officer, 845.369.8040
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