New York

The choice of private equity's Edward Grebow to lead the union-owned Amalgamated Bank might still be considered an odd coupling — if the deficit-laden institution wasn't bleeding out profits and capital.

First Niagara Financial Group in Buffalo is planning to add 500 new jobs over the next five years to support its rapid expansion.

Thomas O'Brien, the chief executive and president of State Bancorp, just proved the adage that short-term pain can sometimes yield long-term gains.

Amalgamated Bank in New York has named Edward Grebow, a former private-equity firm executive, as its president and chief executive.

Sterling Bancorp said the Treasury Department has approved its exit from the Troubled Asset Relief Program. On Wednesday Sterling redeemed all $42 million of preferred stock tied to Tarp.

Sterling Bancorp in New York reported Tuesday that first-quarter earnings rose 71% from a year earlier, to $3.3 million. The $2.39 billion-asset company's loan-loss provision was halved from the first quarter of 2010, to $3 million.

Fueled by strong loan growth and record deposit growth, Signature Bank in New York is coming off its most-profitable quarter in its 10-year history.

First Niagara Financial Group Inc. in Buffalo, N.Y., reported a slight dip in earnings compared with the previous quarter as it completed its acquisition of NewAlliance Bancshares Inc.

The Buffalo, N.Y., company said that the $1.5 billion purchase created a bank with over $30 billion of assets and $18 billion of deposits in Connecticut, Massachusetts, Pennsylvania and New York.

The Federal Reserve and state regulators in New York and Florida last week issued a cease-and-desist order against Banco Industrial de Venezuela.

Community National Bank in Great Neck, N.Y., said improved net interest income was instrumental in its posting a first-quarter profit of $623,000, compared with a $134,000 profit a year earlier.

State Bancorp Inc. in Jericho, N.Y., reported first-quarter results that were modestly higher from a year earlier, at $3 million.

Chemung Financial Corp. in Elmira, N.Y., has completed its acquisition of Fort Orange Financial Corp. in Albany, N.Y.

Suffolk Bancorp in Riverhead, N.Y., said Tuesday that is overhauling its lending operations after reporting a big first-quarter loss.

Intervest Bancshares Corp. in New York posted a first-quarter profit after reporting a loss a year earlier. The $2 billion-asset company reported a profit of $1.7 million, or 8 cents a share, compared with a loss of $2.9 million, or 35 cents a share, a year earlier.

Community Bank System Inc. in DeWitt, N.Y., said Monday that it has completed its acquisition of Wilber Corp.

By the end of this month the Office of Thrift Supervision wants Carver, a minority-owned bank that serves underbanked communities in New York City, to increase capital ratios by at least $20 million. Analysts, however, believe Carver may need as much as $35 million to properly repair itself.

First Niagara Financial Group has cleared the final hurdle in its bid to buy NewAlliance BancShares Inc. in New Haven, Conn.

Empower Federal Credit Union of Syracuse, N.Y., is using a secure document signing technology from Integrated Media Management.

The Federal Reserve has ordered First American International Corp. to serve as a source of strength to its Brooklyn, N.Y., bank.