Provident New York Bancorp said it will purchase Sterling Bancorp in a stock transaction valued at $344 million.Sterling Bancorp shareholders will receive 1.2625 shares of Provident for each of their shares. Upon closing, Provident shareholders will own 53 percent of the combined company while Sterling shareholders will own 47 percent.The combined company would have pro forma revenue of about $257 million and net income of about $41 million for 2012.Provident shares closed at $8.81 on the New York Stock Exchange on Wednesday, while Sterling shares closed at $10.
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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