Sterling Bancorp and Hudson Valley Holding Corp. Receive OCC Approval for Merger

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Sterling Bancorp
STL
and Hudson Valley Holding Corp.
HVB
jointly announced today that they have received the approval of the Office of the Comptroller of the Currency to consummate the merger of Hudson Valley with and into Sterling. The transaction was previously approved by the shareholders of both companies, as well as the Board of Governors of the Federal Reserve System. Subject to the satisfaction of the remaining conditions set forth in the Agreement and Plan of Merger, dated as of November 4, 2014 between Sterling and Hudson Valley, the merger is expected to be completed on June 30, 2015. The merger agreement provides that, upon consummation of the merger, each share of Hudson Valley common stock will be converted into the right to receive 1.92 shares of Sterling common stock. The combined company will operate under the Sterling Bancorp name and its principal banking subsidiary will operate under the name Sterling National Bank. Upon completion of the merger, the company will have approximately $11.2 billion in assets, $6.9 billion in gross loans, and deposits of more than $8.4 billion, and have a footprint spanning New York City, Westchester County, the Hudson Valley, Long Island and New Jersey. Jack L. Kopnisky, President and CEO of Sterling Bancorp, stated, "We are excited by the opportunity to combine the strengths of Hudson Valley Holding Corp. and Sterling Bancorp, and build on our growth as a high performance regional bank. Together, we enjoy a solid position in the attractive New York City metropolitan region, deep commercial lending expertise, a cost-efficient deposit base -- along with talented and dedicated teams of associates with a commitment to serving our clients and communities. We look forward to completing the merger with Hudson Valley and moving forward together to deliver on our potential for growth, performance, client service and shareholder value." Stephen R. Brown, President and CEO of Hudson Valley, commented, "We look forward to becoming part of the Sterling Bancorp franchise. Joining forces will enable us to offer a wider range of product and service offerings and deliver value for our customers, communities and stockholders. We are pleased to be combining two banks that share consistent core values and a relationship-based approach to customers."
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