Astoria_Financial
Astoria Bank
Bank based in Long Island City, New York
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; 136 years ago (1888) |
| Defunct | October 2, 2017; 6 years ago (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]
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] 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]
- "Sterling Bancorp and Astoria Financial Corporation Complete Merger" (Press release). GlobeNewswire. October 2, 2017.
- INCANTALUPO, TOM (December 17, 2014). "George L. Engelke Jr. dead, former bank executive was 76". Newsday.
- Iida, Jeanne (July 14, 1994). "Astoria to buy Fidelity New York, a thrift, for $160 million in cash". American Banker.
- "Astoria Corp. Merges With Savings Bank". The New York Times. Reuters. April 1, 1997.
- MOYER, LIZ (April 1, 1997). "Astoria Buying Greater N.Y. Savings for $293 Million". American Banker.
- O'BRIEN, TIMOTHY L. (April 4, 1998). "Astoria Financial to Buy Long Island Bank in $1.8 Billion Deal". The New York Times.
- "Sterling Bancorp and Astoria Financial Corporation Complete Merger". Retrieved May 6, 2024.
