New York Community Bank

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New York Community Bancorp, Inc.
Public company
Traded as NYSENYCB
S&P 400 Component
Industry Commercial bank
Founded 1859; 158 years ago (1859)
Headquarters Westbury, NY, United States
Number of locations
225 branches
Key people
Joseph R. Ficalora, President & CEO[1]
Products Multi-family loans, commercial real estate loans
Revenue Increase US$1.433 billion (2016)[1]
Increase US$0.495 billion (2016)[1]
Total assets Decrease US$48.926 billion (2016)[1]
Total equity Increase US$6.123 billion (2016)[1]
Number of employees
3,448 (2015)[1]
Capital ratio 10.62%[1]
Website www.mynycb.com
New York Community footprint in the New York metropolitan area (upper-left), southern Florida (upper-right), Ohio (lower-left), and Arizona (lower-right)

New York Community Bancorp, Inc. (NYCB) is a bank headquartered in Westbury, New York with 225 branches in New York, New Jersey, Ohio, Florida, and Arizona.[1] NYCB is on the list of largest banks in the United States.

Almost all of the loans originated by the bank are either multi-family or commercial loans, many of which are in New York City and are subject to rent control and rent stabilization laws.

Divisions[edit]

New York Community Bank operates branches under the following names:[1]

  • Community Bank (New York)
  • Queens County Savings Bank (New York)
  • Roslyn Savings Bank (New York)
  • Richmond County Savings Bank (New York)
  • Roosevelt Savings Bank (New York)
  • Garden State Community Bank (New Jersey)
  • AmTrust Bank (Florida and Arizona)
  • Ohio Savings Bank (Ohio)

History[edit]

NYCB was founded on April 14, 1859 in Flushing, Queens as Queens County Savings Bank,[1] and changed its name on December 15, 2000 to New York Community Bank to better reflect its market area beyond Queens.

On November 23, 1993, the company became a public company via an initial public offering.[1]

On November 30, 2000, the bank acquired Haven Bancorp for $196 million.[2][3]

On July 31, 2001, NYCB acquired Richmond County Financial in an $802 million transaction.[2][4]

On January 3, 2002, NYCB acquired asset manager Peter B. Cannell & Co.[2][5]

On October 31, 2003, NYCB acquired Roslyn Bancorp in a $1.6 billion transaction.[6][2]

On December 30, 2005, NYCB acquired Long Island Financial in a $70 million transaction.[7][2]

On April 28, 2006, NYCB acquired Atlantic Bank of New York from the National Bank of Greece for $400 million.[8][2]

On March 15, 2007, NYCB acquired 11 branches in New York City from Doral Financial Corporation.[9][2]

On April 2, 2007, NYCB acquired Penn Federal Savings Bank for $262 million, adding branches in East Central and North East New Jersey.[2][10][2]

On October 1, 2007, NYCB acquired Synergy Bank of Cranford, New Jersey for $168 millionin stock. In September 2009, NYCB re-branded the Synergy branches to Garden State Community Bank.[11][2]

On December 4, 2009, the Federal Deposit Insurance Corporation seized AmTrust, a bank headquartered in Cleveland, OH with 66 branches and $13 billion in assets in Ohio, Florida and Arizona.[12] NYCB acquired Amtrust, which expanded NYCB's branch footprint outside of the New York metropolitan area for the first time.[2][13]

On March 26, 2010, Desert Hills Bank of Phoenix, Arizona, with $496 million in assets, was seized by the FDIC and acquired by NYCB.[14][2][15]

On June 28, 2012, NYCB acquired the assets of Aurora Bank from Lehman Brothers.[16][2]

On October 29, 2015, the bank announced an agreement to merge with Astoria Bank, but on December 20, 2016 the boards of directors of both banks mutually agreed to terminate the agreement effective Jan. 1, 2017 after it was clear Federal reserve approval would not be received prior to the end of 2016.[17][18]

References[edit]

  1. ^ a b c d e f g h i j k New York Community Bancorp, Inc. 2016 Form 10-K Annual Report
  2. ^ a b c d e f g h i j k l m NYCB: Mergers & Acquisitions
  3. ^ "Metro Business: Haven Bancorp Acquired". Bloomberg L.P. The New York Times. June 29, 2000. 
  4. ^ "NEW YORK COMMUNITY BANCORP, INC. AND RICHMOND COUNTY FINANCIAL CORP. ANNOUNCE MERGER-OF-EQUALS IN AN $802 MILLION TRANSACTION EXPECTED TO GENERATE 2002 CASH EARNINGS ACCRETION OF 16%" (Press release). U.S. Securities and Exchange Commission. March 27, 2001. 
  5. ^ Solnik, Claude (December 28, 2001). "NYCB acquires balance of Peter B. Cannell & Co.". Long Island Business News. 
  6. ^ "New York Community Bancorp, Inc. Completes Strategic Merger with Roslyn Bancorp, Inc." (Press release). Business Wire. November 3, 2003. 
  7. ^ "NEW YORK COMMUNITY BANCORP, INC. TO ACQUIRE LONG ISLAND FINANCIAL CORP." (Press release). U.S. Securities and Exchange Commission. August 1, 2005. 
  8. ^ Diamataris, Antonis (October 14, 2005). "Ntl. Bank of Greece Sells Atlantic Bank to New York Bank for $400M in Cash". The National Herald. 
  9. ^ "New York Community Bancorp, Inc. Announces the Acquisition of 11 New York City Branches of Doral Bank, FSB by New York Commercial Bank" (Press release). Business Wire. March 15, 2007. 
  10. ^ "NEW YORK COMMUNITY BANCORP, INC. COMPLETES THE ACQUISITION OF PENNFED FINANCIAL SERVICES, INC." (PDF) (Press release). NYCB. April 2, 2007. 
  11. ^ "New York Community bank buys Synergy for $168 mln". Reuters. May 14, 2007. 
  12. ^ FDIC Failed Bank Information: Information for AmTrust Bank, Cleveland, OH
  13. ^ Murray, Teresa Dixon (December 4, 2009). "AmTrust Bank fails, bought by New York bank". Cleveland Plain Dealer. 
  14. ^ FDIC Failed Bank Information: Information for Desert Hills Bank, Phoenix, AZ
  15. ^ Casacchia, Chris (March 27, 2010). "Desert Hills Bank latest to be shut down by FDIC". American City Business Journals. 
  16. ^ "Lehman Brothers Holdings Announces Completion of the Sale of Substantially All Aurora Bank Assets and Insured Deposits" (Press release). Business Wire. June 29, 2012. 
  17. ^ Orol, Ronald (December 20, 2016). "N.Y. Community Bank Scraps $2 Billion Astoria Deal as Fed Review Lingers". TheStreet. 
  18. ^ "New York Community Bancorp, Inc. and Astoria Financial Corporation Announce the Termination of Their Definitive Merger Agreement Effective January 1, 2017" (Press release). Business Wire. December 20, 2016. 

External links[edit]