MULTIMEDIA UPDATE - Sterling Bancorp and Hudson Valley Holding Corp. Complete Merger

MONTEBELLO, NY and YONKERS, NY--(Marketwired - July 01, 2015) - Sterling Bancorp (NYSE: STL) ("Sterling") today announced the completion of its previously announced merger with Hudson Valley Holding Corp. (NYSE: HVB) ("Hudson Valley"). The merger combines two strong, successful banks to form an institution with approximately $11.2 billion in assets, $6.9 billion in gross loans and over $8.4 billion in deposits, serving the dynamic metropolitan region comprising New York City, Westchester County, the Hudson Valley, Long Island and New Jersey.

The combined company will operate under the Sterling Bancorp name and its principal banking subsidiary will operate under the name Sterling National Bank.

Jack L. Kopnisky, President and CEO of Sterling Bancorp, stated, "The completion of this transaction will further advance our goal of building a high performance regional bank. We are pleased to bring together two strong banking institutions with a shared focus on serving the financial needs of the businesses and consumers in our communities, as well as complementary cultures, and teams of talented and highly dedicated professionals. We look forward to realizing the benefits of the merger in terms of enhanced client service, greater profitability, and the potential for increasing shareholder value."

Stephen R. Brown, President and CEO of Hudson Valley Holding Corp., commented, "By joining forces with Sterling, we have created a stronger banking institution, expanded the range of financial solutions for existing and new clients, and created an opportunity for our shareholders to have a stake in a growing public company."

Pursuant to the terms of the Agreement and Plan of Merger, dated as of November 4, 2014 between Sterling and Hudson Valley, each share of Hudson Valley common stock has been converted into the right to receive 1.92 shares of Sterling common stock.

New Directors Named

In connection with the completion of the merger, four Hudson Valley directors, John P. Cahill, James J. Landy, Craig Thompson and William Whiston, will join the Board of Directors of Sterling.

Louis J. Cappelli, Chairman of the Board of Sterling Bancorp, said, "We welcome our new directors from Hudson Valley and look forward to the insights they will contribute as we move forward. Both the Sterling and Hudson Valley teams can be proud of their efforts to build strong, thriving institutions, which have now come together to create a leading regional bank."