The board of governors of the Federal Reserve approved the merger of Astoria Financial with and into Sterling Bancorp.

As previously announced, the merger received approval from the Office of the Comptroller of the Currency.

The merger, which was announced in March, was also approved by the shareholders of Astoria Financial and Sterling Bancorp in June.

The parties have now received all required approvals necessary to consummate the merger, which remains subject to other customary closing conditions. Assuming such conditions are satisfied, Sterling Bancorp and Astoria Financial Corporation expect to complete the merger on October 2.