Sterling Bancorp Investors Challenge $344M Provident Deal

Law360, Los Angeles (April 12, 2013, 3:17 PM EDT) -- Sterling Bancorp was hit with two proposed class actions in the past week in New York state court from investors who claim its directors undervalued the company when it agreed to let Provident New York Bancorp acquire Sterling in a $344 million stock deal.

The lawsuits, filed Thursday and Friday, came a week after Provident New York announced it’d acquire Sterling, launching a new New York-area bank with $7 billion in assets and continuing a trend of regional bank consolidation. Provident New York said it is...
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