Provident New York to Raise $100M

By Brian Browdie June 27, 2013, 5:49 p.m. EDT 1 Min Read

Community banking

Sterling in New York Reports Solid 1Q Earnings

Rising revenue propelled first-quarter results at Sterling Bancorp (STL) in New York. Earnings at the $2.8 billion-asset company rose 13% from a year earlier, to $5.3 million, or 17 cents a share.

By Brian Browdie

April 26
Community banking

Provident to Buy Sterling Bancorp in $344M Deal Between N.Y. Banks

The $3.8 billion-asset Provident said Thursday it would pay $344 million in stock for Sterling, or about 1.3 shares of Provident stock for each Sterling share.

By Brian Browdie

April 4

Provident New York Bancorp (PBNY) will raise $100 million through a debt offering.

The $3.7 billion-asset company in Montebello, N.Y., said Thursday that it would sell senior notes that pay 5.5% and are due in 2018. The private placement is expected to close this Tuesday.

Provident has a pending deal to merge with Sterling Bancorp (STL) in New York for about $344 million in stock that is expected to close in the fourth quarter.

Brian Browdie

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