{{Short description|Bank based in Long Island City, New York}} {{Infobox company | name = Astoria Financial Corporation | logo = Astoria Bank logo.png | fate = Acquired by Sterling Bancorp | founded = {{start date and age|1888}} | defunct = {{end date and age|2017|10|2}} | hq_location_city = Lake Success, New York | area_served = New York metropolitan area | industry = Financial services | owner = Sterling Bancorp | key_people = {{nowrap | Monte N. Redman, CEO<BR>Ralph F. Palleschi, Chairman<BR>Frank E. Fusco, CFO<ref name=10K>[https://www.sec.gov/Archives/edgar/data/910322/000091032217000003/af2016123110k.htm Astoria Financial Corporation 2016 Form 10-K Annual Report]</ref>}} | revenue = {{increase}} $0.454 billion (2016)<ref name=10K/> | net_income = {{decrease}} $0.071 billion (2016)<ref name=10K/> | assets = {{decrease}} $14.558 billion (2016)<ref name=10K/> | equity = {{increase}} $1.714 billion (2016)<ref name=10K/> | num_employees = 1,328<ref name=10K/> }}
'''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.<ref name=sterling>{{cite press release | url=https://globenewswire.com/news-release/2017/10/02/1138754/0/en/Sterling-Bancorp-and-Astoria-Financial-Corporation-Complete-Merger.html | title=Sterling Bancorp and Astoria Financial Corporation Complete Merger | publisher=GlobeNewswire | date=October 2, 2017}}</ref>
As of December 31, 2016, the company's principal subsidiary, '''Astoria Bank''', operated 88 locations.<ref name=10K/>
==History== The bank was chartered by New York State in 1888.<ref name=10K/> 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.<ref>{{cite news | url=https://www.newsday.com/long-island/obituaries/george-l-engelke-jr-former-bank-executive-died-at-76-h09209 | archive-url=https://web.archive.org/web/20150220053601/http://www.newsday.com/long-island/obituaries/george-l-engelke-jr-former-bank-executive-died-at-76-1.9725020 | url-status=live | archive-date=February 20, 2015 | title=George L. Engelke Jr. dead, former bank executive was 76 | first=TOM | last=INCANTALUPO | publisher=Newsday | date=December 17, 2014}}</ref> In 1993, Astoria Financial Corporation was created as part of the conversion from a mutual organization to a joint-stock company.
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.<ref>{{cite news | url=https://www.americanbanker.com/news/astoria-to-buy-fidelity-new-york-a-thrift-for-160-million-in-cash | title=Astoria to buy Fidelity New York, a thrift, for $160 million in cash | first=Jeanne | last=Iida | publisher=American Banker | date=July 14, 1994}}</ref> In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash.<ref>{{cite news | url=https://www.nytimes.com/1997/04/01/nyregion/astoria-corp-merges-with-savings-bank.html | title=Astoria Corp. Merges With Savings Bank | agency=Reuters | work=The New York Times | date=April 1, 1997}}</ref><ref>{{cite news | url=https://www.americanbanker.com/news/astoria-buying-greater-ny-savings-for-293-million | title=Astoria Buying Greater N.Y. Savings for $293 Million | first=LIZ | last=MOYER | publisher=American Banker | date=April 1, 1997}}</ref> In 1998, the bank acquired Long Island Savings Bank for $1.8 billion.<ref>{{cite news | url=https://www.nytimes.com/1998/04/04/nyregion/astoria-financial-to-buy-long-island-bank-in-1.8-billion-deal.html | title=Astoria Financial to Buy Long Island Bank in $1.8 Billion Deal | first=TIMOTHY L. | last=O'BRIEN | work=The New York Times | date=April 4, 1998}}</ref>
In 2012, George L. Engelke, Jr. resigned as chairman.<ref>{{cite press release | url=https://www.prnewswire.com/news-releases/astoria-financial-corporation-announces-the-resignation-of-chairman-george-l-engelke-jr-and-the-appointment-of-presiding-director-ralph-f-palleschi-as-non-executive-chairman-159760705.html | title=Astoria Financial Corporation Announces The Resignation Of Chairman George L. Engelke, Jr. And The Appointment Of Presiding Director Ralph F. Palleschi As Non-Executive Chairman | publisher=PRNewswire | date=June 20, 2012}}</ref>
In 2017, the bank was acquired by Sterling Bancorp.<ref name=sterling/> 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.<ref>{{Cite web |title=Sterling Bancorp and Astoria Financial Corporation Complete Merger |url=https://www.globenewswire.com/news-release/2017/10/02/1138754/0/en/Sterling-Bancorp-and-Astoria-Financial-Corporation-Complete-Merger.html |access-date=May 6, 2024}}</ref>
==References== {{Portal|Banks}} {{Reflist|1}}
Category:Banks established in 1888 Category:Banks disestablished in 2017 Category:Defunct financial services companies of the United States Category:Defunct banks of the United States Category:1888 establishments in the United States Category:2017 disestablishments in the United States
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