As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 locations.[1]
History
The bank was chartered by New York State in 1888.[1] In 1936 the name was changed to Astoria Savings & Loan Association. In 1937, the bank received a federal charter and became Astoria Federal Savings & Loan Association.
In 1989, George L. Engelke, Jr. was named president and chief executive officer of the company.[3] In 1993, Astoria Financial Corporation was created as part of the conversion from a mutual organization to a joint-stock company.
In the 1990s, the bank acquired a number of other banks in the New York area. In 1995, the bank acquired Fidelity New York Savings Bank for $160 million in cash.[4] In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash.[5][6] In 1998, the bank acquired Long Island Savings Bank for $1.8 billion.[7]
In 2012, George L. Engelke, Jr. resigned as chairman.[8]
In 2017, the bank was acquired by Sterling Bancorp.[2] At the time of the merger, the two banks had a combined value of approximately $30 billion in assets, $20 billion in gross loans, and over $19 billion in deposits, and planned to operate under the Sterling Bancorp name.[9]
