Industry | Financial services |
---|---|
Founded | 1888 |
Defunct | October 2, 2017 |
Fate | Acquired by Sterling Bancorp |
Headquarters | |
Area served | New York metropolitan area |
Key people |
Monte N. Redman,
CEO Ralph F. Palleschi, Chairman Frank E. Fusco, CFO [1] |
Revenue | $0.454 billion (2016) [1] |
$0.071 billion (2016) [1] | |
Total assets | $14.558 billion (2016) [1] |
Total equity | $1.714 billion (2016) [1] |
Owner | Sterling Bancorp |
Number of employees | 1,328 [1] |
Astoria Financial Corporation was a bank holding company based in Lake Success, New York. On October 2, 2017, the company was acquired by Sterling Bancorp. [2]
As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 locations. [1]
In 1888, the bank was first chartered by New York State. [1]
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. [3]
In 1993, Astoria Financial Corporation was created as part of the conversion from a mutual organization to a joint-stock company.
In 1995, the bank acquired Fidelity New York Savings Bank for $160 million in cash. [4]
In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash. [5] [6]
In 1998, the bank acquired Long Island Savings Bank for $1.8 billion. [7]
In 2012, George L. Engelke, Jr. resigned as chairman. [8]
In 2017, the bank was acquired by Sterling Bancorp. [2]