Wachtell, Sullivan & Cromwell Guide $344M NY Bank Merger

Law360, New York (April 4, 2013, 1:55 PM EDT) -- Provident New York Bancorp said Thursday it will acquire Sterling Bancorp in a $344 million stock deal, launching a new New York-area bank with $7 billion in assets and continuing a trend of regional bank consolidation.

Provident, the larger of the two with $3.8 billion in assets, is nominally the acquirer and will own 53 percent of the combined company, though Sterling's name will survive and leadership will be mixed. Provident CEO Jack Kopnisky and CFO Luis Massiani will both keep their jobs, while Sterling Chairman...
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