Benzinga | Aug 4, 2021 11:13AM EDT

New York Community Bancorp, Flagstar Bancorp Merger Receives Shareholder Approval

New York Community Bancorp, Inc. (NYSE:NYCB) (the "Company") and Flagstar Bancorp, Inc. (NYSE:FBC) ("Flagstar") jointly announced that, at their respective special meetings of shareholders held earlier today, they each received the necessary shareholder approval for the consummation of their planned merger. The transaction is expected to close during the fourth quarter, subject to the satisfaction of certain closing conditions and the receipt of all necessary regulatory approvals.

Upon closing, the combined company will have $85 billion in total assets, operate nearly 400 traditional branches in nine states, and 86 retail lending offices across a 28-state footprint. It will have its headquarters on Long Island, N.Y. with regional headquarters in Troy, Michigan, including Flagstar's mortgage business. The transaction creates an organization with significant scale in several lines of business, accelerates our transition towards building a dynamic commercial bank, drives strong financial results and enhances capital generation.

Chairman, President, and Chief Executive Officer of NYCB, Thomas R. Cangemi commented, "We are extremely pleased by the overwhelming support received from both sets of shareholders in favor of this transaction. The strong approval confirms the financial and strategic benefits of the transaction. I am looking forward to working with Flagstar to create one of the top regional banks in the country."

"I am very pleased with today's vote, which validates the shareholder value created by the merger," said Sandro DiNello, President and Chief Executive Officer of Flagstar. "The entire organization is very excited about the opportunities which lie ahead for the combined company while maintaining a strong commitment to our employees, customers, and to all the communities we serve."

About New York Community Bancorp, Inc.

Based in Hicksville, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank. At June 30, 2021, the Company reported assets of $57.5 billion, loans of $43.6 billion, deposits of $34.2 billion, and stockholders' equity of $6.9 billion.

Reflecting our growth through a series of acquisitions, the Company operates 236 branches through eight local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.

About Flagstar Bancorp, Inc.

Flagstar Bancorp, Inc. (NYSE:FBC) is a $27.1 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 86 retail locations in 28 states. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $255.7 billion of loans representing almost 1.2 million borrowers. For more information, please visit flagstar.com.