M&A Deal Summary

Astoria Financial Acquires Long Island Bancorp

On April 4, 1998, Astoria Financial acquired financial services company Long Island Bancorp for 1.8B USD

Acquisition Highlights
  • This is Astoria Financial’s 1st transaction in the Financial Services sector.
  • This is Astoria Financial’s largest (disclosed) transaction.
  • This is Astoria Financial’s 1st transaction in the United States.
  • This is Astoria Financial’s 1st transaction in New York.

M&A Deal Summary

Date 1998-04-04
Target Long Island Bancorp
Sector Financial Services
Buyer(s) Astoria Financial
Deal Type Add-on Acquisition
Deal Value 1.8B USD

Target

Long Island Bancorp

Melville, New York, United States
Long Island Bancorp, Inc. is a provider of full range of banking services.

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Buyer(S) 1

Buyer

Astoria Financial

Lake Success, New York, United States

Category Company
Founded 1888
Sector Financial Services
Employees1,501
Revenue 528M USD (2015)
DESCRIPTION

Astoria Financial Corporation is the holding company for Astoria Bank. Established in 1888, Astoria Bank is the second largest thrift depository in New York and provides its retail and business customers and local communities it serves with quality financial products and services through 88 convenient banking branch locations, a business banking office in Manhattan, and multiple delivery channels, including its flexible mobile banking app. Astoria Bank commands a significant deposit market share in the attractive Long Island market, which includes Brooklyn, Queens, Nassau, and Suffolk counties with a population exceeding that of 38 individual states. Astoria Bank originates multi-family and commercial real estate loans, primarily on rent controlled and rent stabilized apartment buildings, located in New York City and the surrounding metropolitan area and originates residential mortgage loans through its banking and loan production offices in New York, a broker network in four states, primarily along the East Coast, and correspondent relationships covering 13 states and the District of Columbia.


DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (1998) 1 of 1
Size (of disclosed) 1 of 1