Astoria Bank

Last updated
Astoria Financial Corporation
Industry Financial services
Founded1888;135 years ago (1888)
DefunctOctober 2, 2017;5 years ago (October 2, 2017)
FateAcquired 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]
RevenueIncrease2.svg $0.454 billion (2016) [1]
Decrease2.svg $0.071 billion (2016) [1]
Total assets Decrease2.svg $14.558 billion (2016) [1]
Total equity Increase2.svg $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]

History

In 1888, the bank was first chartered by New York State. [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 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]

Related Research Articles

Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of WaMu Bank, which was the largest savings and loan association in the United States until its collapse in 2008.

<span class="mw-page-title-main">U.S. Bancorp</span> American bank holding company

U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Southern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">PNC Financial Services</span> Major bank based in Pittsburgh

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

<span class="mw-page-title-main">National Bank of Detroit</span> Defunct American commercial bank

The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

The Bank of Hawaii Corporation is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting stockholders reside within the state. Bank of Hawaii has the most accounts, customers, branches, and ATMs of any financial institution in the state. The bank consists of four business segments: retail banking, commercial banking, investment services, and treasury. The bank is currently headed by chairman, president and chief executive officer, Peter S. Ho.

<span class="mw-page-title-main">Webster Bank</span> American regional bank

Webster Bank is an American commercial bank based in Stamford, Connecticut. It has 177 branches and 316 ATMs located in Connecticut; Massachusetts; Rhode Island; and Westchester County, New York.

Valley National Bancorp, doing business as Valley Bank, is a regional bank holding company headquartered in Wayne, New Jersey, with approximately $64 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 230 branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley Bank is one of the largest commercial banks headquartered in New Jersey.

<span class="mw-page-title-main">New York Community Bank</span> US Bank

New York Community Bancorp, Inc. (NYCB) is a bank holding company headquartered in Hicksville, New York. The holding company owns several businesses, most notably New York Community Bank and Flagstar Bank. In 2023, the two banks operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida and Arizona. Some branches bear the New York Community Bank name, while others operate under other names. NYCB is on the list of largest banks in the United States.

Apple Bank for Savings is a savings bank headquartered in Manhasset, New York and operating in the New York metropolitan area.

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

<span class="mw-page-title-main">WesBanco</span> American bank holding company

WesBanco, Inc., is a bank holding company headquartered in Wheeling, West Virginia. It has over 200 branches in West Virginia, Ohio, Western Pennsylvania, Kentucky, Maryland, and Southern Indiana.

Hudson City Bancorp, Inc., based in Paramus, in the U.S. state of New Jersey, was a bank-holding company for Hudson City Savings Bank, its only subsidiary, then the largest savings bank in New Jersey and one of the oldest banks in the United States, with US$50 billion in assets. It is now a fully publicly held entity and a member S&P 500 stock market Index. In 2005, its US$3.93 billion secondary offering of common stock was the largest in United States banking history. At the time, it was also the seventh largest domestic public offering in United States history The bank avoided the excesses of the housing boom and was labeled "best bank of 2007" by Forbes. M&T Bank agreed to acquire Hudson City on August 27, 2012.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

Sterling Bancorp was a regional bank holding company. It merged into Webster Financial Corporation in February 2022; their principal subsidiaries, Sterling National Bank and Webster Bank, were also merged, in the process.

Monte N. Redman is a director of Sterling Bancorp and the Tourette Association of America.

<span class="mw-page-title-main">Sterling Financial Corporation</span> Former American bank

Sterling Financial Corporation was a bank holding company headquartered in Spokane, Washington. In 2014, the company was acquired by Umpqua Holdings Corporation.

INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.

<span class="mw-page-title-main">Star Banc Corporation</span>

Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.

References

  1. 1 2 3 4 5 6 7 8 Astoria Financial Corporation 2016 Form 10-K Annual Report
  2. 1 2 "Sterling Bancorp and Astoria Financial Corporation Complete Merger" (Press release). GlobeNewswire. October 2, 2017.
  3. INCANTALUPO, TOM (December 17, 2014). "George L. Engelke Jr. dead, former bank executive was 76". Newsday.
  4. Iida, Jeanne (July 14, 1994). "Astoria to buy Fidelity New York, a thrift, for $160 million in cash". American Banker.
  5. "Astoria Corp. Merges With Savings Bank". The New York Times . Reuters. April 1, 1997.
  6. MOYER, LIZ (April 1, 1997). "Astoria Buying Greater N.Y. Savings for $293 Million". American Banker.
  7. O'BRIEN, TIMOTHY L. (April 4, 1998). "Astoria Financial to Buy Long Island Bank in $1.8 Billion Deal". The New York Times .
  8. "Astoria Financial Corporation Announces The Resignation Of Chairman George L. Engelke, Jr. And The Appointment Of Presiding Director Ralph F. Palleschi As Non-Executive Chairman" (Press release). PRNewswire. June 20, 2012.