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New York Community Bancorp Inc. Message Board

  • jeroly jeroly Mar 30, 2012 10:13 AM Flag

    Acquisition!

    Form 8-K for NEW YORK COMMUNITY BANCORP INC

    "Regulation FD Disclosure, Financial Statements and Exhibits


    Item 7.01 Regulation FD Disclosure

    On March 30, 2012, New York Community Bancorp, Inc. (the "Company") issued a press release announcing that its wholly-owned savings bank subsidiary, New York Community Bank (the "Bank") has signed an agreement to assume approximately $2.3 billion of FDIC-insured deposits from Aurora Bank FSB.

    The transaction, which is subject to regulatory approval, is expected to close in the second quarter of 2012, and the Company will be paid $24.0 million to assume the deposits at that time. In addition, the transaction is expected to be immediately accretive to the Company's earnings.

    The press release is attached hereto as Exhibit 99.1.



    Item 9.01 Financial Statements and Exhibits

    (d) Attached as Exhibit 99.1 is the press release issued by the Company on March 30, 2012 to announce the Bank's pending acquisition of deposits from Aurora Bank FSB.

    NYCB Press Release


    NEW YORK COMMUNITY BANCORP, INC.'S
    SAVINGS BANK SUBSIDIARY, NEW YORK COMMUNITY BANK,
    TO ASSUME DEPOSITS OF APPROXIMATELY $2.3 BILLION FROM AURORA BANK FSB
    Westbury, N.Y., March 30, 2012 -- New York Community Bancorp, Inc. (NYSE: NYB) (the "Company") today
    announced that its wholly-owned savings bank subsidiary, New York Community Bank (the "Bank"), has signed an
    agreement to assume approximately $2.3 billion of FDIC-insured deposits, from Wilmington, Delaware-based Aurora
    Bank FSB (“Aurora Bank”).
    The transaction is expected to be immediately accretive to earnings upon closing, and the Company will be paid $24.0
    million to assume the deposits at that time.
    The majority of the deposits to be assumed are short-term certificates of deposit ("CDs"), including approximately $1.5
    billion of brokered CDs and approximately $800 million of retail and institutional CDs, after accounting for
    anticipated maturities. In addition, the Bank will assume approximately $30 million of money market accounts.
    Commenting on the transaction, President and Chief Executive Officer Joseph R. Ficalora stated, "This was an
    attractive opportunity to assume low-cost funding and is consistent with our focus on strategic actions that are
    accretive to the earnings of the Company.”
    Subject to regulatory approval, the transaction is expected to close in the second quarter of this year.
    Sandler O'Neill + Partners, L.P. served as financial advisor to the Company. Keefe, Bruyette & Woods, Inc. served as
    financial advisor to Aurora Bank and Deutsche Bank Securities Inc. served as co-advisor. Arnold & Porter LLP served
    as legal advisor to Aurora Bank.


    Full Disclosure: I am a buy in the sense that I have a position in NYB approximately 5% of my total portfolio, and am reinvesting my dividends.

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NYCB
15.96+0.24(+1.53%)Aug 21 4:03 PMEDT

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