Either NYB makes a deposit rich transformational deal that preserves the dividend or they get taken out. I don't see the bank putting themselves in a position to have the dividend cut.
NYB may be waiting for the yield curve to steepen giving future acquirers the currency to pay a better price for the bank. With the current FED/regulations I'm not optimistic that the FED would allow NYB to make a large deal and not reduce their dividend. We shall see!