New York Community Bancorp, Inc. (NYCB) is a bank headquartered in
Westbury, New York
The Incorporated Village of Westbury is a Village (New York), village in the North Hempstead, New York, Town of North Hempstead in Nassau County, New York, Nassau County, on Long Island, in New York (state), New York, United States. It is located a ...
with 225 branches in New York, New Jersey, Ohio, Florida and Arizona.
[ NYCB is on the ]list of largest banks in the United States
The following table lists the 100 largest bank holding companies in the United States ranked by total assets of June 30, 2022 per the Federal Financial Institutions Examination Council; their market capitalization is also shown. This list does not ...
.
Almost all of the loans originated by the bank are either multi-family or commercial loans, many of them are in New York City, and are subject to laws regarding rent control in New York
Rent regulation in New York is a means of limiting the amount of rent charged on dwellings. Rent control and rent stabilization are two programs used in parts of New York state (and other jurisdictions). In addition to controlling rent, the system ...
.
In late December 2020, the bank announced a change in executive leadership. Longtime President, CEO and board member Joseph Fecaloma announced he would retire from all three posts in two days time. Thomas Cangemi, the company's CFO since 2005, will become president and the CEO.
On April 26, 2021, New York Community Bank issued a press release indicating that they were acquiring Flagstar Bank
Flagstar Bank is a Michigan-based bank that has one of the largest residential mortgage servicers in the United States, as well as included in a list of the largest banks in the country. On April 26, 2021, New York Community Bancorp, Inc. (NYCB) ...
in an all stock strategic merger.
On December 1st, 2022, New York Community Bank formally acquired Flagstar Bank
Flagstar Bank is a Michigan-based bank that has one of the largest residential mortgage servicers in the United States, as well as included in a list of the largest banks in the country. On April 26, 2021, New York Community Bancorp, Inc. (NYCB) ...
.
Divisions
New York Community Bank operates branches under the following names:[
* 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)
* Atlantic Bank (New York)
* Garden State Community Bank (New Jersey)
* AmTrust Bank (Florida and Arizona)
* Ohio Savings Bank (Ohio)
* Flagstar Bank (Michigan)
]
History
NYCB was founded on April 14, 1859, in Flushing, Queens
Flushing is a neighborhood in the north-central portion of the New York City borough of Queens. The neighborhood is the fourth-largest central business district in New York City. Downtown Flushing is a major commercial and retail area, and the ...
, as Queens County Savings Bank,[ and changed its name on December 15, 2000, to New York Community Bank to better reflect its market area beyond Queens.
In 1993, the company became a ]public company
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
.[
In 2000, the bank acquired Haven Bancorp for $196 million.
In 2001, NYCB acquired Richmond County Financial in an $802 million transaction.
In 2002, NYCB acquired asset manager Peter B. Cannell & Co.
In 2003, NYCB acquired Roslyn Bancorp in a $1.6 billion transaction.
In 2005, NYCB acquired Long Island Financial in a $70 million transaction.
In 2006, NYCB acquired ]Atlantic Bank of New York
Atlantic Bank of New York is a bank holding company and a subsidiary of New York Community Bank.
History
In 1926, Bank of Athens Trust Company, a subsidiary of Bank of Athens, received a bank charter in New York State.
In 1952, the bank chang ...
from the National Bank of Greece
The National Bank of Greece (NBG; el, Εθνική Τράπεζα της Ελλάδος) is a global banking and financial services company with its headquarters in Athens, Greece.
85% of the company's pretax preprovision profits are derived ...
for $400 million.
In March 2007, NYCB acquired 11 branches in New York City from Doral Financial Corporation
Doral Financial Corporation was the holding company of ''Doral Bank''. It was founded in 1972. At the time the bank closed in February 2015, it had $5.9 billion in assets and 26 branches. History
Doral Financial Corporation was a Puerto Rico base ...
.
In April 2007, NYCB acquired Penn Federal Savings Bank for $262 million, adding branches in East Central and North East New Jersey.
In October 2007, NYCB acquired Synergy Bank of Cranford, New Jersey
Cranford is a township in Union County, in the U.S. state of New Jersey, located southwest of Manhattan. As of the 2020 United States census, the township's population was 23,847, an increase of 1,222 (+5.4%) from the 2010 census count ...
for $168 million in stock. In September 2009, NYCB re-branded the Synergy branches to Garden State Community Bank.
In December 2009, the Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...
seized AmTrust, a bank headquartered in Cleveland, OH
Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. ...
with 66 branches and $13 billion in assets in Ohio
Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The sta ...
, Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
and Arizona
Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...
. NYCB acquired Amtrust, which expanded NYCB's branch footprint outside of the New York metropolitan area
The New York metropolitan area, also commonly referred to as the Tri-State area, is the largest metropolitan area in the world by urban area, urban landmass, at , and one of the list of most populous metropolitan areas, most populous urban agg ...
for the first time. In 2017, the bank sold the mortgage business acquired from the purchase of AmTrust at a $90 million profit.
In March 2010, Desert Hills Bank of Phoenix, Arizona, with $496 million in assets, was seized by the FDIC and acquired by NYCB.
In June 2012, NYCB acquired the assets of Aurora Bank from Lehman Brothers
Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...
.
On October 29, 2015, the bank announced an agreement to merge with Astoria Bank
Astoria Financial Corporation was a bank holding company based in Lake Success, New York. On October 2, 2017, the company was acquired by Sterling Bancorp.
As of December 31, 2016, the company's principal subsidiary, Astoria Bank, operated 88 loc ...
, but the proposed merger was terminated in December 2016 after failing to win regulatory approval.
On November 4, 2016, Brooklyn Sports & Entertainment announced that the bank had acquired the naming rights
Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...
to Nassau Coliseum
Nassau Veterans Memorial Coliseum (or simply the Nassau Coliseum) is a multi-purpose indoor arena in Uniondale, New York, east of New York City. The Long Island venue is approximately east of the eastern limits of the New York City Borough of ...
; it was renamed "NYCB Live: Home of the Nassau Veterans Memorial Coliseum", due to agreements requiring that "Nassau Veterans Memorial Coliseum" remain in the arena's name. NYCB pulled out of its naming rights contract in late August 2020 due to uncertainty surrounding the property after a June 2020 closure and subsequent new leaseholder.
On April 26, 2021, NYCB issued a press release indicating that they were acquiring Flagstar Bank
Flagstar Bank is a Michigan-based bank that has one of the largest residential mortgage servicers in the United States, as well as included in a list of the largest banks in the country. On April 26, 2021, New York Community Bancorp, Inc. (NYCB) ...
in an all stock strategic merger.
NYCB's focus on multi-family and commercial loans is evident by their $9.9 million average loan value across the $7.8 billion of loans that they originated in 2021.
References
External links
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{{Authority control
1859 establishments in New York (state)
Banks based in New York (state)
Banks established in 1859
Companies based in Nassau County, New York
Companies listed on the New York Stock Exchange