By Scott Van Voorhis
When you shell out hundreds of millions of dollars to buy out a rival, it’s typically your bank’s name that goes on the signs. But as Provident New York forges ahead with its $344 million deal to buy Sterling Bancorp, it is turning that tradition on its head.
When the final regulatory approvals come through later this year, the newly combined bank will adopt the Sterling name, becoming Sterling National Bank. The Provident name will be the one retired. The unusual name change is emblematic of the team approach the two commercially minded New York banks are taking to their union, which Provident CEO Jack Kopnisky jovially compares to dating and getting married.
Read the complete article