April 4 (Reuters) - Provident New York Bancorp said it will buy Sterling Bancorp in a stock transaction valued at $344 million.
Sterling Bancorp shareholders will receive 1.2625 shares of Provident for each of their shares. Upon closing, Provident shareholders will own 53 percent of the combined company while Sterling shareholders will own 47 percent.
The combined company would have pro forma revenue of about $257 million and net income of about $41 million for 2012.
Provident shares closed at $8.81 on the New York Stock Exchange on Wednesday, while Sterling shares closed at $10.