 | |
| Industry | Financial services |
|---|---|
| Founded | 1888; 137 years ago (1888) |
| Defunct | October 2, 2017; 7 years ago (October 2, 2017) |
| Fate | Acquired by Sterling Bancorp |
| Headquarters | Lake Success, New York |
| Area served | New York metropolitan area |
| Key people | Monte N. Redman, CEO Ralph F. Palleschi, Chairman Frank E. Fusco, CFO |
| Revenue |  $0.454 billion (2016) |
| Net income |  $0.071 billion (2016) |
| Total assets | $14.558 billion (2016) |
| Total equity | $1.714 billion (2016) |
| Owner | Sterling Bancorp |
| Number of employees | 1,328 |
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.
As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 locations.
History
The bank was chartered by New York State in 1888. 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. 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. In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash. In 1998, the bank acquired Long Island Savings Bank for $1.8 billion.
In 2012, George L. Engelke, Jr. resigned as chairman.
In 2017, the bank was acquired by Sterling Bancorp. 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.
References
- ^ Astoria Financial Corporation 2016 Form 10-K Annual Report
- ^ "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.
- "Astoria Financial Corporation Announces The Resignation Of Chairman George L. Engelke, Jr. And The Appointment Of Presiding Director Ralph F. Palleschi As Non-Executive Chairman" (Press release). PRNewswire. June 20, 2012.
- "Sterling Bancorp and Astoria Financial Corporation Complete Merger". Retrieved May 6, 2024.
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