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BRIEF-Sterling Bancorp & Astoria Financial Corp plans to merge
March 7, 2017 / 2:07 PM / 9 months ago

BRIEF-Sterling Bancorp & Astoria Financial Corp plans to merge

March 7 (Reuters) - Sterling Bancorp:

* Sterling Bancorp and Astoria Financial Corporation announce plans to merge, creating a high performing regional bank

* Sterling Bancorp - transaction valued at approximately $2.2 billion

* Sterling Bancorp - on a pro forma basis, transaction is expected to be about 12pct accretive to Sterling Bancorp’s tangible book value per share at closing

* Sterling Bancorp - deal is expected to be about 9pct accretive to EPS in 2018, exclusive of restructuring charge, and about 16pct accretive to EPS in 2019

* Sterling Bancorp - Pro Forma bank is expected to maintain a quarterly dividend of $0.07 per share

* Sterling Bancorp - Sterling Bancorp’s Jack Kopnisky serving as president and chief executive officer and Luis Massiani serving as CFO of combinbed co

* Sterling Bancorp - effective at closing of transaction, four members of board of directors of astoria will join board of directors of combined company Source text for Eikon: Further company coverage:

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