Astoria Bank, Long Island City, New York, a federal savings 2 The merger of Astoria Bank into Sterling Bank, which is expected to occur. The merger leverages Astoria's strong presence on Long Island and The transaction combines two banks with deep ties to the markets and. Astoria Financial Corp. said Tuesday it has agreed to be acquired by Montebello, Astoria Bank's Lake Success headquarters, Oct. 29,
Astoria bank acquired -
As a result of these factors, the price of Astoria Financial stock soared. Engelke, named Astoria's chairman in , began looking to the Brooklyn market, which was similar to Queens and its base of working-class homeowners, especially in the growing immigrant communities. Moreover, Engelke faced pressure from North Fork, which had positioned itself to become Astoria's largest institutional shareholder through the Long Island Bancorp stock it purchased during the acquisition fight. The transaction combines two banks with deep ties to the markets and communities they serve. At the same time, however, Astoria Financial became an even more inviting acquisition target for any large outsider looking to make a splash in the New York market. Commercial banks, on the other hand, stood at 1. It was hardly a ground-breaking move, but one that was long overdue, as was the upgrading of the bank's Internet site. Institutions that had been established to serve the astoria bank acquired
class eventually fought over the deposits of businessmen. Whichever course lay in store, the days of being a Queens neighborhood thrift were long past for Astoria Financial. No single institution controlled as much as 10 percent of area depositors. The Sterling and Astoria teams have come together to create a high performing regional bank. The astoria bank acquired was similar to a contemporary retirement plan, since depositors could withdraw money only when they reached a prescribed age. Similar organizations cropped up around the country over the ensuing decades.