Sterling National Bank will lay off 42 workers in October at two of its recently acquired Yonkers offices as it shuffles and reorganizes staff following its parent company Sterling Bancorp”™s completed merger with Hudson Valley Holding Corp.
The layoffs in Yonkers were among 59 planned layoffs this fall recently reported by Montebello-based Sterling National Bank to the state Department of Labor. Forty-one affected employees are at the headquarters branch of the former Hudson Valley Bank, now operating as Sterling National, at 21 Scarsdale Road. One employee will be laid off at the former Hudson Valley Bank branch at 35 E. Grassy Sprain Road in Yonkers.
Rodney Whitwell, chief operating officer of Sterling National Bank, said the Scarsdale Road office will be refurbished by its new owner and “will continue to be our headquarters” in Yonkers.
Sterling also will maintain its Rockland County corporate office at 400 Rell Blvd. in Montebello. Eight workers there will be included in the layoffs that will begin on Oct. 5, the bank notified the Labor Department.
Eight employees will be laid off at three Sterling bank branches in Manhattan, and one worker will be affected at Sterling”™s Long Island branch in Woodbury.
Whitwell said the bank is eliminating overlapping positions created by Sterling Bancorp”™s $538 million deal to acquire Hudson Valley Holding Corp. that closed last month. The merged banking institutions have approximately $11.2 billion in combined assets, $6.9 billion in gross loans and over $8.4 billion in deposits, according to Sterling National Bank.
The Sterling COO said the company is “going slowly on new hires” so as to keep open positions for current bank employees whose jobs are being eliminated in the merger.
