| Astoria Financial Corporation | |
| Fate: | Acquired by Sterling Bancorp |
| Location City: | Lake Success, New York |
| Area Served: | New York metropolitan area |
| Industry: | Financial services |
| Owner: | Sterling Bancorp |
| Revenue: | $0.454 billion (2016) |
| Net Income: | $0.071 billion (2016) |
| Assets: | $14.558 billion (2016) |
| Equity: | $1.714 billion (2016) |
| Num 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.[1]
As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 locations.
In 1888, the bank was first chartered by New York State.
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.[2]
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.[3]
In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash.[4] [5]
In 1998, the bank acquired Long Island Savings Bank for $1.8 billion.[6]
In 2012, George L. Engelke, Jr. resigned as chairman.[7]
In 2017, the bank was acquired by Sterling Bancorp.[1] 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.[8]