Provident New York Bancorp (PBNY) will raise $100 million through a debt offering.

The $3.7 billion-asset company in Montebello, N.Y., said Thursday that it would sell senior notes that pay 5.5% and are due in 2018. The private placement is expected to close this Tuesday.

Provident has a pending deal to merge with Sterling Bancorp (STL) in New York for about $344 million in stock that is expected to close in the fourth quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.