You are correct about NEW shareholders. What is the one rule no one seems to follow? BUY LOW and SELL HIGH. NYB was a great buy under 17 which is where I picked it up. Now it is a great hold with a great reversed yield curve and yes possible dividend increas, I am still making 7.85 at the price I purchased it at pluse a great run up.
Are you saying that NYB will have to pay the big div now? It clearly looks to me that Ficolara is building this powerhouse franchise for 1 reason only and that's selling to the big boys Wachovia, Chase, HSBC. Given the recent purchases it JF might accept range in 24-25. NYB is undervalued. Many long-time posters here are kidding themselves if they think this isn't going....it's just a matter when.
If the purchase does prove to be immediately accretive to earnings, that'll only help preserve the big fat dividend. The biggest risk to the divvie is NYB's earnings continuing to fall short of $1/yr.
Also, getting SYNF at 1.6X TBV sounds good to me. In fact, the last 3 acquisitions (PennFed, Doral branches & Synergy) all look like winners.