New York Community Bank footprint 2010-05

New York Community Bancorp, Inc. (NYCB) is a bank headquartered in

Westbury, New York The Incorporated Village of Westbury is a village in the Town of North Hempstead in Nassau County, on Long Island, in New York, United States. It is located about east of Manhattan. The population was 15,404 at the 2020 census. History The firs ...

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. 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

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, 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 ( ...

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 investme ...

. 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 change ...

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 cr ...

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 landmass, at , and one of the most populous urban agglomerations in the world. The vast metropolitan area ...

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 filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, a ...

. 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; 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

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

* * {{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