Industry | Financial services |
---|---|
Founded | 1888 |
Defunct | October 2, 2017 |
Fate | Acquired by Sterling Bancorp |
Headquarters | |
Area served | New York metropolitan area |
Key people | Monte N. Redman, CEO Ralph F. Palleschi, Chairman Frank E. Fusco, CFO [1] |
Revenue | $0.454 billion (2016) [1] |
$0.071 billion (2016) [1] | |
Total assets | $14.558 billion (2016) [1] |
Total equity | $1.714 billion (2016) [1] |
Owner | Sterling Bancorp |
Number of employees | 1,328 [1] |
Astoria Financial Corporation was a bank holding company based in Lake Success, New York. On October 2, 2017, the company was acquired by Sterling Bancorp. [2]
As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 locations. [1]
The bank was chartered by New York State in 1888. [1] In 1936 the name was changed to Astoria Savings & Loan Association. In 1937, the bank received a federal charter and became Astoria Federal Savings & Loan Association.
In 1989, George L. Engelke, Jr. was named president and chief executive officer of the company. [3] In 1993, Astoria Financial Corporation was created as part of the conversion from a mutual organization to a joint-stock company.
In the 1990s, the bank acquired a number of other banks in the New York area. In 1995, the bank acquired Fidelity New York Savings Bank for $160 million in cash. [4] In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash. [5] [6] In 1998, the bank acquired Long Island Savings Bank for $1.8 billion. [7]
In 2012, George L. Engelke, Jr. resigned as chairman. [8]
In 2017, the bank was acquired by Sterling Bancorp. [2] The two banks will have a combined value of approximately $30 billion in assets, $20 billion in gross loans, and over $19 billion in deposits, and will operate under the Sterling Bancorp name. [9]
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