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Sterling Bancorp, a provider of funding and other services to the staffing industry, is being acquired by Provident New York Bancorp in a transaction valued at $344 million, the companies announced today.
The combined company will take on the Sterling brand, and the deal is expected to close in the fourth quarter. Shareholders must still okay the deal, and it is subject to regulatory approval as well.
Sterling is based in New York and offers financing and back office services to the temporary staffing industry. Sterling “provides full back-office, computer, tax and accounting services, as well as financing, to independently-owned staffing companies located throughout the United States,” the company said in a 10-K filing with the U.S. Securities and Exchange Commission. “The average contract term is 18 months for approximately 241 staffing companies.”
Provident CEO Jack Kopnisky will serve as CEO of the combined companies. Sterling Chairman and CEO Louis Cappelli will take on the role of chairman of the combined operation.