WESTBURY, N.Y.--(BUSINESS WIRE)-- New York Community Bancorp, Inc. (NYSE: NYB) today announced that its savings bank subsidiary, New York Community Bank (the "Community Bank"), plans to issue debt securities under the FDIC's Temporary Liquidity Guarantee Program (the "TLGP").

The debt issued by the Community Bank will be guaranteed under the Debt Guarantee Program of the TLGP, and backed by the full faith and credit of the United States. Expected ratings for these securities are Aaa, AAA, AAA, and AAA.

The Community Bank has engaged Citi, Credit Suisse, and JPMorgan to serve as underwriters for the debt offering.

About New York Community Bancorp, Inc.

With assets of $32.1 billion at September 30, 2008, New York Community Bancorp, Inc. is the 29th largest bank holding company in the nation and a leading producer of multi-family loans in New York City. The Company operates two bank subsidiaries--New York Community Bank, a thrift, with 178 locations in Metro New York and New Jersey, and New York Commercial Bank, with 38 branches in New York City, Westchester County, and Long Island, including 19 that operate under the name Atlantic Bank. Reflecting its growth through a series of accretive acquisitions, the Community Bank currently operates through six local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, Synergy Bank, and Garden State Community Bank. For more information about the Company and its bank subsidiaries, please visit www.myNYCB.com or www.NewYorkCommercialBank.com.

Forward-looking Statements and Associated Risk Factors

This document contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements made. The forward-looking statements may include statements regarding business strategies, intended results, and future performance. Forward-looking statements are preceded by such terms as "expects," "believes," "anticipates," "intends," and similar expressions. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the uncertainties that affect the Company's business, particularly those mentioned under the headings "Forward-looking Statements" and "Item 1A. Risk Factors" in the Company's Form 10-K for the year ended December 31, 2007, in it reports on Form 10-Q, and in its reports on Form 8-K, which the Company incorporates herein by reference.

    Source: New York Community Bancorp, Inc.