New York Community Bancorp, Inc. (Nasdaq: NYCB) today announced that its 
merger-of-equals with Richmond County Financial Corp. was completed following
the close of business on July 31, 2001. In accordance with the Agreement and Plan
of Merger announced on March 27, 2001, Richmond County Financial Corp. merged with
and into New York Community Bancorp, Inc. At the same time, Richmond County Savings
Bank, the primary subsidiary of Richmond County Financial Corp., merged with and
into New York Community Bank.

Based upon a fixed exchange ratio of 1.02 shares of New York Community Bancorp
stock for each share of Richmond County Financial Corp. stock outstanding,
approximately 26.4 million shares of stock will be issued in connection with the
transaction, bringing the number of outstanding New York Community Bancorp
shares to approximately 70.0 million. Based on yesterday's closing price of
$42.53, the Company has a market capitalization of approximately $2.9 billion.

Based on both companies' balance sheets at June 30, 2001, the combined company
has assets of approximately $8.2 billion, deposits of approximately $5.6
billion, and a network of 120 branch offices serving customers throughout New
York City, Long Island, Rockland and Westchester counties, New Jersey, and
Connecticut. Through its primary subsidiary, New York Community Bank, the
Company operates six divisions: Queens County Savings Bank, Richmond County
Savings Bank, CFS Bank, First Savings Bank of New Jersey, Ironbound Bank, and
South Jersey Bank.