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Deal Overview

Buyer:
Sterling Bancorp
Actual Acquirer:
Sterling Bancorp
Target:
Hudson Valley Holding Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/4/2014
Announcement Date:
11/5/2014
Announced Deal Value ($ M):
540.54
Status:
Completed
Completion Date:
6/30/2015
Announced Deal Value Per Share ($ )
26.86

Consideration Breakout
Common Stock ($M) 563.8
Common Stock Issued 38,525,150

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 184.3 185.6
Price / Tangible Book (%) 187.9 186.5
Price / Earnings (x) NM 51.1
Price / Deposits (%) 19.52 19.78
Price / Assets (%) 17.32 17.63
Tangible Book Premium/ Deposits (%) 9.49 9.46
Deal Terms
Description of Consideration

Sterling Bancorp exchanged 1.92 shares of its common stock for each outstanding share of Hudson Valley Holding Corp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 269,757
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 42,076
Est. Restructuring Charges ($ 000) 45,000
Maximum Termination Fee ($ 000) 20,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.920000
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) 33,839
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Jefferies LLC
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
Seller Yes Day Pitney LLP