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The combined bank will have approximately $30 billion in assets, $20 billion in gross loans and over $19 billion in deposits.
The merger will create a regional bank with a footprint in New York City, the Hudson Valley, Long Island and northern New Jersey.
Sterling National Bank plans nearly 60 fall layoffs resulting from its parent company's recently completed merger with Yonkers-based Hudson Valley Bank.
Sterling National Bank clients gain access to investment and financial planning services from the wealth management teams at Ameriprise Financial.