Astoria Financial Corporation was a bank holding company based in

Lake Success, New York Lake Success is a Administrative divisions of New York#Village, village in the Town of North Hempstead in Nassau County, New York, Nassau County, on the North Shore (Long Island), North Shore of Long Island, in New York, United States. The populat ...

. 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 A mutual organization, also mutual society or simply mutual, is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a cooperative, members usually do not ...

to a

joint-stock company A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareho ...

. 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

Banks established in 1888 Banks disestablished in 2017 Defunct financial services companies of the United States Defunct banks of the United States 1888 establishments in the United States 2017 disestablishments in the United States {{bank-stub