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Thursday, April 4, 2013

Provident New York to purchase Sterling Bancorp in $344 million deal, (NYSE: PBNY), (NYSE: STL)

Provident New York Bancorp will purchase Sterling Bancorp in a stock deal valued at $344 million to expand its presence in the New York City region, the companies said.Sterling Bancorp shareholders will receive 1.2625 shares of Provident for each of their shares. The deal values Sterling at $11.12 per share based on Wednesday's closing, representing a premium of about 11.2 percent.Sterling has long been considered takeover target because of its attractive small business lending franchise.Provident shareholders will own 53 percent of the combined company while Sterling shareholders will own the rest. ()

Provident New York Bancorp is a holding company that owns Provident Bank (the Bank). Shares of PBNY remained unchanged at $8.81. In the past year, the shares have traded as low as $7.12 and as high as $9.92. On average, 73451 shares of PBNY exchange hands on a given day and today's volume is recorded at 0.

Sterling Bancorp is a bank holding company and a financial holding company. Shares of STL remained unchanged at $10.00. In the past year, the shares have traded as low as $8.30 and as high as $10.66. On average, 90064 shares of STL exchange hands on a given day and today's volume is recorded at 0.



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