new york community bank , Inc. (NYCB) is a bank headquartered in Westbury, New York with 225 branches in New York, New Jersey, Ohio, Florida, and Arizona. NYCB is on the list of largest banks in the United States.
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 Ficalora 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 in an all-stock strategic merger.
Divisions of New York Community Bank
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)
History of New York Community Bank
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 via an initial public offering.
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 from the National Bank of Greece for $400 million.
In March 2007, NYCB acquired 11 branches in New York City from Doral Financial Corporation.
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 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 seized AmTrust, a bank headquartered in Cleveland, OH with 66 branches and $13 billion in assets in Ohio, Florida, and Arizona. NYCB acquired Amtrust, which expanded NYCB’s branch footprint outside of the New York 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.
On October 29, 2015, the bank announced an agreement to merge with Astoria Bank, 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 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 Flagstar Bank in an all-stock strategic merger.