WESTBURY, N.Y.--(BUSINESS WIRE)--
New York Community Bancorp, Inc. (NYSE: NYB) (the "Company") today
announced that its wholly-owned savings bank subsidiary, New York
Community Bank (the "Bank"), has signed an agreement to assume
approximately $2.3 billion of FDIC-insured deposits from Wilmington,
Delaware-based Aurora Bank FSB (“Aurora Bank”).
The transaction is expected to be immediately accretive to earnings upon
closing, and the Company will be paid $24.0 million to assume the
deposits at that time.
The majority of the deposits to be assumed are short-term certificates
of deposit ("CDs"), including approximately $1.5 billion of brokered CDs
and approximately $800 million of retail and institutional CDs, after
accounting for anticipated maturities. In addition, the Bank will assume
approximately $30 million of money market accounts.
Commenting on the transaction, President and Chief Executive Officer
Joseph R. Ficalora stated, "This was an attractive opportunity to assume
low-cost funding and is consistent with our focus on strategic actions
that are accretive to the earnings of the Company.”
Subject to regulatory approval, the transaction is expected to close in
the second quarter of this year.
Sandler O'Neill + Partners, L.P. served as financial advisor to the
Company. Keefe, Bruyette & Woods, Inc. served as financial advisor to
Aurora Bank and Deutsche Bank Securities Inc. served as co-advisor.
Arnold & Porter LLP served as legal advisor to Aurora Bank.
About New York Community Bancorp, Inc.
With assets of $42.0 billion at December 31, 2011, New York Community
Bancorp, Inc. is the 21st largest bank holding company in the nation and
a leading producer of multi-family mortgage loans in New York City, with
an emphasis on apartment buildings that feature below-market rents. The
Company has two bank subsidiaries: New York Community Bank, a thrift
with 242 branches serving customers throughout Metro New York, New
Jersey, Ohio, Florida, and Arizona; and New York Commercial Bank, with
34 branches serving customers in Manhattan, Queens, Brooklyn, Long
Island, and Westchester County in New York.
Reflecting its growth through a series of acquisitions, the Community
Bank operates through seven local divisions, each with a history of
service and strength: Queens County Savings Bank in Queens; Roslyn
Savings Bank on Long Island; Richmond County Savings Bank on Staten
Island; Roosevelt Savings Bank in Brooklyn; Garden State Community Bank
in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida
and Arizona. Similarly, the Commercial Bank operates 17 of its branches
under the divisional name Atlantic Bank. Additional information about
the Company and its bank subsidiaries is available at www.myNYCB.com
and www.NewYorkCommercialBank.com.
Forward-Looking Statements
This news release includes forward-looking statements by the Company and
our authorized officers pertaining to such matters as our goals,
intentions, and expectations regarding revenues, earnings, and the
pending assumption of deposits from Aurora Bank FSB; our estimates of
future benefits of this transaction; our assessments of interest rate
and other market risks; and our ability to achieve our financial and
other strategic goals.
Forward-looking statements are typically identified by words such as
“believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,”
“forecast,” “project,” and other similar words and expressions, and are
subject to numerous assumptions, risks, and uncertainties, which change
over time. Additionally, forward-looking statements speak only as of the
date they are made; the Company does not assume any duty, and does not
undertake, to update our forward-looking statements. Furthermore,
because forward-looking statements are subject to assumptions and
uncertainties, actual results or future events could differ, possibly
materially, from those anticipated in our statements, and our future
performance could differ materially from our historical results.
Our forward-looking statements are subject to the following principal
risks and uncertainties: general economic conditions and trends, either
nationally or locally; conditions in the securities markets; changes in
interest rates; changes in deposit flows, and in the demand for deposit,
loan, and investment products and other financial services; changes in
real estate values; changes in the quality or composition of our loan or
investment portfolios; changes in competitive pressures among financial
institutions or from non-financial institutions; our ability to retain
key members of management; our ability to successfully integrate any
assets, liabilities, customers, systems, and management personnel we may
acquire into our operations, and to realize related revenue synergies
and cost savings within expected time frames; our receipt of the
necessary regulatory approvals of any transactions in which we may
engage; changes in legislation, regulations, and policies; and a variety
of other matters which, by their nature, are subject to significant
uncertainties and/or are beyond our control.
Greater detail regarding some of these factors is provided in our Form
10-K for the year ended December 31, 2011, including in the Risk Factors
section of that and other SEC reports. Our forward-looking statements
may also be subject to other risks and uncertainties, including those we
may discuss elsewhere in this news release, during conference calls and
investor presentations, or in our SEC filings, which are accessible on
our web site and at the SEC’s web site, www.sec.gov.
New York Community Bancorp, Inc.
Ilene A. Angarola, 516-683-4420
Executive
Vice President & Director,
Investor Relations & Corp.
Communications
Source: New York Community Bancorp, Inc.