Astoria Bank

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]

Astoria Financial Corporation
IndustryFinancial services
Founded1888 (1888)
DefunctOctober 2, 2017 (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]
RevenueIncrease $0.454 billion (2016)[1]
Decrease $0.071 billion (2016)[1]
Total assetsDecrease $14.558 billion (2016)[1]
Total equityIncrease $1.714 billion (2016)[1]
OwnerSterling Bancorp
Number of employees
1,328[1]

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]

References

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