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Deal Overview

Buyer:
Provident New York Bancorp
Actual Acquirer:
Provident New York Bancorp
Target:
Sterling Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
4/3/2013
Announcement Date:
4/4/2013
Announced Deal Value ($ M):
343.14
Status:
Completed
Completion Date:
10/31/2013
Announced Deal Value Per Share ($ )
11.08

Consideration Breakout
Common Stock ($M) 451.8
Common Stock Issued 39,057,970

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 150.4 193.5
Price / Tangible Book (%) 167.9 215.3
Price / Earnings (x) 17.1 22.1
Price / Deposits (%) 15.13 20.16
Price / Assets (%) 13.41 17.48
Tangible Book Premium/ Deposits (%) 8.06 13.22
Deal Terms
Description of Consideration

In merger of equals, Provident New York Bancorp exchanged 1.2625 shares of its common stock to acquire each outstanding share of Sterling Bancorp. Provident New York Bancorp also assumed Sterling Bancorp's trust preferred securities of approximately $25.8 million. Provident New York Bancorp will enter Nassau County, N.Y., with two branches to be ranked No. 23 with a 0.35% share of approximately $58.09 billion in total market deposits, enter Queens County, N.Y., with four branches to be ranked No. 24 with a 0.56% share of approximately $43.13 billion in total market deposits, will expand in New York County, N.Y., by six branches to be ranked No. 22 with a 0.29% share of approximately $682.76 billion in total market deposits and will expand in Westchester County, N.Y., by one branch to be ranked No. 28 with a 0.27% share of approximately $50.04 billion in total market deposits.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 246,309
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 33,000
Maximum Termination Fee ($ 000) 13,250
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.262500
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 20,089
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Bank of America Merrill Lynch
Seller Yes J.P. Morgan Securities LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
Seller Yes Sullivan & Cromwell LLP