Sterling Bancorp
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | Provident Bank |
| Founded | 1888 |
| Defunct | February 1, 2022 |
| Fate | Merged with Webster Bank |
| Headquarters | Montebello, New York , United States |
Area served | Greater New York metropolitan area and Hudson Valley |
| Products | Banking and financial solutions for businesses and individuals |
Sterling Bancorp was a U.S.-based regional bank holding company that owned Sterling National Bank, which merged with Webster Bank in February 2022.
Prior to the merger, Sterling National Bank provided a wide range of banking and financial solutions to businesses, families, and individual customers mainly within the greater New York metropolitan area and Hudson Valley. After acquiring Astoria Financial Corp in October 2017, Sterling Bancorp's total assets grew to nearly $30 billion. The company's headquarters were located in Montebello, New York, and it was listed on the New York Stock Exchange.
History
The institution was originally established in 1888 as Provident Bank and operated as a subsidiary of Provident New York Bancorp. On August 10, 2012, it expanded its footprint into New York City by acquiring Gotham Bank of New York.
On October 31, 2013, Provident merged with Sterling Bancorp, adopting the Sterling Bancorp name and rebranding its principal banking subsidiary as Sterling National Bank. This consolidation aimed to build a larger, more diversified organization serving small to middle-market commercial clients and retail customers.
Sterling further broadened its reach by acquiring Hudson Valley Holding Corp. on June 30, 2015, reinforcing its market position in the greater New York Metropolitan region. Additional strategic acquisitions included Damian Services Corp., specializing in payroll financing (March 2015), and a factoring portfolio purchased from First Capital Corp. (May 2015), expanding its product offerings.
The takeover of Astoria Bank was finalized in October 2017. In March 2018, Sterling announced it would acquire Advantage Funding Management to diversify its loan portfolio.
In October 2019, Sterling National Bank agreed to purchase $843 million worth of middle-market commercial equipment finance loans and leases from Santander Bank, further increasing its asset holdings.
In April 2021, Sterling Bancorp entered into an all-stock merger agreement with Webster Bank valued at about $10.3 billion. The deal closed on February 1, 2022, with the unified company continuing under the Webster Bank brand.
Differentiation
Before being acquired by Webster, Sterling focused on establishing itself as a high-performing bank catering to small and middle-market commercial enterprises as well as affluent individual clients—market segments often overlooked by larger banks. The company’s strategy emphasized a collaborative team-based model where each client is supported by a dedicated relationship team serving as a single point of contact to deliver comprehensive banking products and manage the overall client relationship.