The Independent Bankers Association of New York State (IBANYS) was in Washington, D.C., in late April to participate in the Washington Policy Summit hosted by the Independent Community Bankers of America (ICBA). Among our top priorities: urging members of the New York Congressional Delegation to support ICBA’s “Plan for Prosperity” regulatory relief package, which IBANYS’ Government Relations Committee has strongly endorsed.

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.
The two banks say they are eager to capitalize on each other’s strengths to better compete in an ever more competitive and regulatory challenging market. And the ultimate goal is to further grow and expand in what Kopnisky contends is the best areas for banking in the country, the New York metro market. While it has the greatest level of competition, it also has the greatest population and the greatest wealth.