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Actionable news in AF: ASTORIA FINANCIAL Corp,

New York City Lender Astoria Financial Said to Explore Sale

Astoria Financial Corp., a New York City-area thrift under pressure from activist investor Basswood Capital Management LLC to boost the share price, is exploring a sale, according to people familiar with the matter. The stock climbed.

The lender, which has 87 branches and a market value of about $1.7 billion, is working with Sandler O’Neill & Partners LP on the potential sale, said the people, who asked not to be identified because the matter hasn’t been made public.

A representative for Astoria Financial had no immediate comment, and Sandler O’Neill didn’t return calls for comment.

Takeovers of small banks have been accelerating this year as bigger players look for growth while grappling with low interest rates that make it hard to make money on loans. BB&T Corp. in...


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