New York Community Bank

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New York Community Bank
Public
Traded as NYSENYCB
Industry Commercial bank
Founded 1859
Headquarters Westbury, NY, United States
Products Multi-family loans, commercial real estate loans [1]
Revenue Increase US$1.4 Billion (2015)[2]
Decrease US$0.4 Billion (2015)[2]
Decrease US$-0.0 Billion (2015)[2]
Total assets Increase US$50.3 Billion (2015)[2]
Total equity Increase US$5.9 Billion (2015)[2]
Number of employees
3,448 (2015)[1]
Website www.mynycb.com
New York Community footprint; includes its traditional Greater New York footprint (upper-left), and the southern Florida (upper-right), Ohio (lower-left), and Arizona (lower-right) acquired through the AmTrust Bank takeover.

New York Community Bancorp, Inc. (NYCB) is a Fortune 1000 bank headquartered in Westbury, NY with 227 branches in New York, New Jersey, Ohio, Florida and Arizona. [1] NYCB was founded in 1859 in Flushing, Queens as Queens County Savings Bank, and changed their name on December 15, 2000 to New York Community Bank to better reflect their market area beyond Queens. With over $50 billion in assets, it is one of the 25 largest bank holding companies in the nation.[3]

NYCB serves New York City, Long Island, and Westchester County through its Queens County Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, Roslyn Savings Bank, and New York Community branded branches. It serves northern New Jersey through its newly formed Garden State Community Bank division, which consolidated four divisions: First Savings Bank of New Jersey, Ironbound Bank, Penn Federal Savings Bank, and Synergy Bank. Customers of NYCB can make transactions at any branch regardless of division.

Additionally, New York Community Bancorp has a second, commercial banking subsidiary, New York Commercial Bank (formerly Long Island Commercial Bank), which operates two divisions, New York Commercial Bank and Atlantic Bank of New York. The two subsidiaries operate separate banking systems but transactions for both can be effected at any NYCB-marked branch. Last year, it was announced that the commercial bank division will be merged into the community bank division. This is set to be completed by the 2nd Quarter of 2016.

On October 29, 2015, New York Community Bancorp announced Astoria Bank will merge with and into New York Community Bank. The merger is set to be completed by 4th Quarter of 2016.

Multi Family Lending[edit]

In New York City where the majority of the housing stock consists of rental units in multi-family buildings, New York Community Bank has been producing multi-family loans for more than 40 years. As the only lender to consistently provide funds to finance the City’s multi-family buildings during all economic cycles so to forge a market leadership in this lending niche.

Most of the loans produced by the Bank are secured for low to moderate income buildings that are subject to rent control and rent stabilization laws. Of the $32 billion of multi-family loans produced by the Bank from January 1, 1993 through March 31, 2011, approximately $24 billion (75%) were secured for such properties.

AmTrust Failure[edit]

On December 4, 2009, the FDIC took control of AmTrust, a bank headquartered in Cleveland, OH with 66 branches in Ohio, Florida and Arizona. New York Community Bank acquired AmTrust, worth $12 billion, from the FDIC in a deal. As part of the deal, the FDIC is shielding New York Community Bank from the $9 billion debt. The branches in Florida and Arizona retained the AmTrust name, but branches in Ohio were reverted to Ohio Savings in spring 2010. This also expanded NYCB's branch footprint outside of Greater New York for the first time.

On March 26, 2010, Desert Hills Bank in Phoenix, Arizona was also seized by the FDIC. Due to the smaller size of Desert Hills, and the recent acquisition of AmTrust, Desert Hills was absorbed into the AmTrust division.

Divisions[edit]

New York Community Bank operates branches under the following divisional brands. Not included here are the former AmTrust operations.

Queens County Savings Bank, founded April 14, 1859, is the oldest and original part of NYCB. It was also the first bank in Queens.[citation needed] QSCB has 34 branches throughout Queens.
Roosevelt Savings Bank, established in 1895 as "Eastern District Savings Bank", changed its name in 1920 in honor of President Theodore Roosevelt. Its eight branches serve Brooklyn.
Roslyn Savings Bank, established in 1875, was the first bank in Nassau County. It serves Nassau and Suffolk Counties through its 57 branches.
CFS Bank, founded on August 14, 1889, as "Columbia Savings and Loan Association, later changed its name to "Columbia Federal Savings Bank". In 1997 it shortened its name to the current "CFS Bank", which could be an acronym for its former name, or also "Convenient Financial Services", and currently "Complete Financial Services". Of its 6 branches, 4 are in Westchester County, one is in the Bronx and one is in Manhattan. These branches are now branded as New York Community Bank as the CFS Bank moniker was retired. The Manhattan branch, was located in a Pathmark store in Lower Manhattan, and was NYCB's only Manhattan branch until it was closed. New York Commercial Bank's acquisition of Atlantic Bank of New York added 5 branches, which despite operating under the Commercial Bank's charter, are accessible to the Community Bank's customers.
Richmond County Savings Bank was founded on October 20, 1886 in the Odd Fellows Building on the corner of Richmond Terrace and Broadway, and joined NYCB in July 2001. They serve Staten Island with 23 branches throughout Staten Island.
In December 2007, NYCB created its Garden State Community Bank division to consolidate its four New Jersey divisions - First Savings Bank of New Jersey, Ironbound Bank, Penn Federal Savings Bank, and Synergy Bank - into one division.

First Savings Bank of NJ had four branches exclusively in the City of Bayonne, NJ. It was founded in 1889 and joined NYCB in July 2001.

Ironbound Bank served Essex and Union Counties in New Jersey through four branches. It was named for the section of Newark, NJ in which it was founded, in 1988. It joined NYCB in 2001.

On April 2, 2007, NYCB acquired Penn Federal Savings Bank, adding branches in East Central and North East New Jersey. In 1941, 11 building and loan associations in the Ironbound section of Newark consolidated under the name of Penn Federal Savings and Loan Association. The S&L later changed its name to Penn Federal Savings Bank, to associate the bank with the community's centerpiece, Penn Station.

On October 1, 2007, NYCB acquired Synergy Bank of Cranford, New Jersey, which had branches throughout northern and central New Jersey. Synergy Bank began in the early 1950s, when employees of one of New Jersey’s major pharmaceutical firms formed a federal credit union. In 1998, the credit union’s members voted to convert to a savings institution. In September 2009, NYCB re-branded the Synergy branches to Garden State Community Bank. All Synergy customers' accounts were transferred to NYCB and are accessible at any NYCB bank branch.

Citations[edit]

  1. ^ a b c "2015AnnualReport". 2015-12-31. Retrieved 2016-11-08. 
  2. ^ a b c d e "Financial Statements for NY Community Bank - Morningstar". Morningstar.com. 2015-12-31. Retrieved 2016-11-08. 
  3. ^ "Company profile - NYCB". NYCB. NYCB. Retrieved 8 November 2016. 

External links[edit]