UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 13, 2017

 

 

 

Sterling Bancorp

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-35385   80-0091851

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

 

400 Rella Boulevard, Montebello, New York   10901
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (845) 369-8040

 

Not Applicable

(Former name or former address, if changed since last report.)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

   

 

 

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

On June 13, 2017, Sterling Bancorp (“ Sterling ” or the “ Company ”) held a special meeting of stockholders (the “ Special Meeting ”), as further described in Section 5.07 below, at which the Company’s stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation (the “ Sterling Charter ”) to increase Sterling’s authorized shares of common stock by 120 million to 310 million (the “ Amendment ”) in connection with the Merger (defined below). The Amendment became effective upon the Company’s filing of the Amendment with the Secretary of State of Delaware on June 14, 2017. A copy of the amendment to the Sterling Charter is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

 

Item 5.07 Submission of Matters to a Vote of Security Holders.

 

The Special Meeting was held on June 13, 2017 in order for Sterling’s stockholders to vote upon the following proposals set forth in a joint proxy statement/prospectus (the “ Proxy Statement/Prospectus ”) prepared in connection with the Merger (defined below), dated April 28, 2017, and filed with the U.S. Securities and Exchange Commission (the “ SEC ”) on May 1, 2017:

 

As of April 28, 2017, the record date for the Special Meeting, there were 135,593,374 shares of Sterling common stock issued and outstanding and eligible to be voted at the Special Meeting, and 125,692,502 shares were represented in person or by proxy at the Special Meeting, which constituted a quorum to conduct business at the meeting.

 

The results of the votes cast by stockholders are as follows:

 

Proposal 1 :  To adopt the Agreement and Plan of Merger, dated as of March 6, 2017 (the “ Merger Agreement ”), by and between Astoria Financial Corporation (“ Astoria ”) and Sterling, as such agreement may be amended from time to time, pursuant to which Astoria will merge with and into Sterling, with Sterling as the surviving corporation (the “ Merger ”), as more fully described in the Proxy Statement/Prospectus (the “ Sterling Merger Proposal ”);

 

Proposal 1: The Sterling Merger Proposal:

 

For     Against     Abstain     Broker Non-Votes  
  112,196,650       284,486       530,928       12,680,438  

 

Proposal 2 : To approve an amendment to Sterling’s Charter to increase Sterling’s authorized shares of common stock by 120 million to 310 million (the “ Sterling Charter Amendment Proposal ”);

 

Proposal 2: The Sterling Charter Amendment Proposal:

 

For     Against     Abstain     Broker Non-Votes  
  124,115,502       973,606       603,394       0  

 

Proposal 3 :  To approve one or more adjournments of the Special Meeting, if necessary or appropriate, including adjournments to permit further solicitation of proxies in favor of the Sterling Merger Proposal and the Sterling Charter Amendment Proposal (the “ Adjournment Proposal ”). Because the Sterling Merger Proposal and the Sterling Charter Amendment Proposal were approved, the Adjournment Proposal was withdrawn and not considered at the Special Meeting.

 

   

 

 

Completion of the Merger remains subject to the satisfaction of the remaining customary closing conditions contained in the Merger Agreement.  Assuming such conditions are satisfied, Sterling currently expects to complete the Merger in the fourth calendar quarter of 2017.

 

Item 8.01    Other Events.

 

On June 13, 2017, the Company and Astoria jointly issued a press release announcing the voting results described in Item 5.07 of this Current Report on Form 8-K, along with the voting results of the special meeting of Astoria’s stockholders. The joint press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

 

Cautionary Statement Regarding Forward-Looking Statements

 

Some of the statements contained in this report are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 giving Sterling’s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may,” or by variations of such words or by similar expressions. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Astoria and Sterling, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. In addition to factors previously disclosed in Sterling’s and Astoria’s reports filed with the SEC, the following factors, among others, could cause actual results to differ materially from forward-looking statements: ability to obtain regulatory approvals and meet other closing conditions to the Merger, including delay in closing the Merger; business disruption following the merger; difficulties and delays in integrating the Sterling and Astoria businesses or fully realizing cost savings and other benefits; Sterling’s potential exposure to unknown or contingent liabilities of Astoria; the challenges of integrating, retaining, and hiring key personnel; failure to attract new customers and retain existing customers in the manner anticipated and other consequences associated with mergers, acquisitions and divestitures; the outcome of pending or threatened litigation, or of matters before regulatory agencies, whether currently existing or commencing in the future, including litigation related to the merger; any interruption or breach of security resulting in failures or disruptions in customer account management, general ledger, deposit, loan, or other systems; changes in Sterling’s stock price before closing, including as a result of the financial performance of Astoria prior to closing; operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which Sterling and Astoria are highly dependent; changes in legislation, regulation, policies, or administrative practices and the ability to comply with such changes in a timely manner; changes in the monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Federal Reserve Board; changes in interest rates, which may affect Sterling’s or Astoria’s net income, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of Sterling’s or Astoria’s assets, including its investment securities; changes in accounting principles, policies, practices, or guidelines; changes in Sterling’s credit ratings or in Sterling’s ability to access the capital markets; natural disasters, war, or terrorist activities; and other economic, competitive, governmental, regulatory, technological, and geopolitical factors affecting Sterling’s or Astoria’s operations, pricing, and service.

 

For any forward-looking statements made in this report, Sterling claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this report. Sterling does not undertake to update forward-looking statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made. All subsequent written and oral forward-looking statements concerning the Merger or other matters addressed in this report and attributable to Sterling, Astoria or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this report.

 

   

 

 

Important Additional Information

 

Investors and stockholders are urged to carefully review and consider each of Sterling’s and Astoria’s public filings with the SEC, including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Current Reports on Form 8-K and their Quarterly Reports on Form 10-Q. The documents filed by Sterling with the SEC may be obtained free of charge at Sterling's website at www.sterlingbancorp.com or at the SEC’s website at www.sec.gov . These documents may also be obtained free of charge from Sterling by requesting them in writing to Sterling Bancorp, 400 Rella Boulevard, Montebello, New York 10901, Attention: Investor Relations, or by telephone at (845) 369-8040.

 

The documents filed by Astoria with the SEC may be obtained free of charge at Astoria’s website at www.astoriabank.com or at the SEC’s website at www.sec.gov . These documents may also be obtained free of charge from Astoria by requesting them in writing to Astoria, c/o Astoria Bank, One Astoria Bank Plaza, Lake Success, New York 11042, Attention: Investor Relations, or by telephone at (516) 327-7877.

 

This communication is being made in respect of the Merger. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities. In connection with the Merger, Sterling has filed with the SEC and the SEC has declared effective, a registration statement on Form S-4 (File No. 333-217153) (the “ Form S-4 ”) which includes the Proxy Statement/Prospectus, and other documents regarding the Merger. Before making any investment decision, investors and stockholders of Sterling and Astoria are urged to carefully read the entire Form S-4 and the Proxy Statement/Prospectus, as well as any amendments or supplements to these documents and any other relevant documents filed with the SEC, because they contain important information about the Merger, Sterling and Astoria. Investors and stockholders can obtain the Form S-4 and the Proxy Statement/Prospectus free of charge from the SEC’s website or from Sterling or Astoria by writing to the addresses provided for each company set forth in the paragraphs above.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
3.1   Amendment to the Amended and Restated Certificate of Incorporation
99.1   Joint Press Release of the Company and Astoria, dated June 13, 2017, regarding Special Meeting Results

 

   

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Sterling Bancorp
     
Date: June 14, 2017 By: /s/ Luis Massiani
    Luis Massiani
    Senior Executive Vice President and
    Chief Financial Officer

 

   

 

 

Exhibit 3.1

 

CERTIFICATE OF AMENDMENT

OF AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION

 

Sterling Bancorp, a corporation organized and existing under and by virtue of the state of Delaware (the “Corporation”), does hereby certify:

 

First: That the Board of Directors of the Corporation, at a meeting duly convened and held, adopted the following resolution proposing and declaring advisable the following amendment to the Amended and Restated Certificate of Incorporation of the Corporation:

 

“NOW, THEREFORE BE IT RESOLVED, that pursuant to the authority vested in the Board of Directors of the Corporation, subject to stockholder approval, Paragraph A of Article Fourth of the Amended and Restated Certificate of Incorporation is hereby amended in its entirety and replaced with the following:

 

FOURTH:

A.          The total number of shares of all classes of stock that the Corporation shall have authority to issue is three hundred and twenty million (320,000,000) consisting of:

 

1. Ten million (10,000,000) shares of Preferred Stock, par value one cent ($0.01) per share (the “Preferred Stock”); and

 

2. Three hundred and ten million (310,000,000) shares of Common Stock, par value one cent ($0.01) per share (the “Common Stock”).”

 

Second: That thereafter, pursuant to a resolution of its Board of Directors, at a special meeting of the stockholders of said corporation duly called and held upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware a majority of the outstanding shares of common stock (there being no other class of capital stock outstanding) was voted in favor of the amendment.

 

Third: That the aforesaid amendment was duly adopted in accordance with the applicable provisions of Section 242 of the General Corporation Law of the State of Delaware.

 

IN WITNESS WHEREOF , Sterling Bancorp has caused this certificate to be signed by Jack L. Kopnisky, President and Chief Executive Officer of the Corporation, this 13 th day of June, 2017.

 

  /s/ Jack L. Kopnisky  
  By: Jack L. Kopnisky  
  Title: President and Chief Executive Officer  

 

   

 

 

Exhibit 99.1

 

Sterling Bancorp and Astoria Financial Corporation Shareholders Approve Proposed Merger

Merger will create leading Greater NYC Metro regional bank with $29 Billion in Assets 

Company Release - 06/13/2017 18:20

 

MONTEBELLO and LAKE SUCCESS, N.Y., June 13, 2017 (GLOBE NEWSWIRE) — Shareholders of Sterling Bancorp (NYSE:STL)  (“Sterling”) and Astoria Financial Corporation (NYSE:AF)  (“Astoria”) today approved the proposed merger of the two companies.

 

Pending regulatory approval, and subject to the terms of the Agreement and Plan of Merger “Merger Agreement” dated as of March 6, 2017, Astoria Financial Corporation will merge with and into Sterling Bancorp, and Astoria Bank will merge with and into Sterling National Bank.

 

Following the special meeting of Sterling shareholders held this morning, President and Chief Executive Officer Jack Kopnisky stated, “We are pleased with the overwhelming support for the merger by both our shareholders and Astoria’s, as evidenced by the outcome of the meetings held today.  More than 99% of the votes cast at our meeting and more than 96% of the votes cast at Astoria’s meeting were voted in favor of the merger.”   

 

“Today’s vote moves us closer to achieving our objective of building a high performing regional bank that focuses on serving commercial middle market clients and consumers.   The combined company is anticipated to be the sixth largest regional bank in the greater New York metropolitan area and is expected to benefit the shareholders and customers of both institutions and the communities in which we serve,” Mr. Kopnisky continued.

 

Monte N. Redman, President and Chief Executive Officer of Astoria, commented, “I want to thank the shareholders of Astoria for the overwhelming support they have shown regarding our plan to merge with Sterling. We are very pleased that we are planning to merge with such a strong partner and, once the deal is closed, look forward to continuing to serve the clients and communities which have come to rely on us over the past 128 years.”

 

Completion of the Merger remains subject to the satisfaction of the remaining customary closing conditions contained in the Merger Agreement.  Assuming such conditions are satisfied, Sterling currently expects to complete the Merger in the fourth calendar quarter of 2017.

 

About Sterling Bancorp

 

Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of service and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com .

 

About Astoria Financial Corporation

 

Astoria Financial Corporation, with assets of $14.3 billion, is the holding company for Astoria Bank.  Established in 1888, Astoria Bank, with deposits in New York totaling $9.0 billion, 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 in New York State, the District of Columbia and eight other states through its banking and loan production offices in New York.

 

   

 

 

Forward-Looking Statements

 

The information presented herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 giving Sterling Bancorp's and Astoria Financial Corp.'s expectations or predictions of future financial or business performance or conditions. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," "positions," "prospects" or "potential," by future conditional verbs such as "will," "would," "should," "could" or "may", or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks, and uncertainties which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty to update forward-looking statements.

 

In addition to factors previously disclosed in Sterling Bancorp's and Astoria Financial Corp.'s reports filed with the Securities and Exchange Commission and those identified elsewhere in this communication, the following factors among others, could cause actual results to differ materially from forward-looking statements: ability to obtain regulatory approvals and meet other closing conditions to the merger, including approval by Sterling Bancorp and Astoria Financial Corp. stockholders, on the expected terms and schedule; delay in closing the merger; difficulties and delays in integrating the Sterling Bancorp and Astoria Financial Corp. businesses or fully realizing cost savings and other benefits; business disruption following the proposed transaction; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

 

Annualized, pro forma, projected, and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

 

STERLING BANCORP:

 

Investor Contact:

Luis Massiani

Senior EVP & Chief Financial Officer

845.369.8040

 

Media Contact:

Linda Dunbar

FVP & Director, Communications

917.969.5609

 

ASTORIA FINANCIAL CORPORATION:

 

Investor/Media Contact:

Theodore Ayvas

Director, Investor Relations

516.327.7877