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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Sterling Bancorp-Astoria Financial Corp. merger costing several local jobs

Three Yonkers workers and six Norwalk employees are among the approximately 236 people being laid off by Sterling Bancorp following the completion of its merger with Astoria Financial Corp.

The combined bank will operate under the Sterling Bancorp name, while its principal banking subsidiaries will operate under the name of Sterling National Bank. The new bank will have approximately $30 billion in assets, $20 billion in gross loans and over $19 billion in deposits. The combined institution will serve New York City, Westchester County, the Hudson Valley, Long Island and northern New Jersey.

Details on which departments will be affected by the layoffs were not disclosed by a Sterling spokesperson, who confirmed that the cuts were a direct result of the merger.

The layoffs are scheduled to take place on Dec. 29.