Astoria Bank
Bank based in Long Island City, New York
From Wikipedia, the free encyclopedia
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]
| |
| 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] |
As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 locations.[1]
History
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] At the time of the merger, the two banks had a combined value of approximately $30 billion in assets, $20 billion in gross loans, and over $19 billion in deposits, and planned to operate under the Sterling Bancorp name.[9]
