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Both Sterling Bancorp (STL +13.5%) and Provident New York Bancorp (PBNY +3.2%) are higher on the...

Both Sterling Bancorp (STL +13.5%) and Provident New York Bancorp (PBNY +3.2%) are higher on the session after the latter agrees to acquire the former in an all stock merger worth $344M. Sterling shareholders will get 1.2625 shares of Provident stock in the deal which will be accretive to Provident's 2014 EPS, will generate $34M in cost savings, and will close in Q4. 
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