Shareholders approve New York Community Bancorp, Flagstar Bancorp merger

New York Community Bancorp’s previously announced $2.6 billion acquisition of Flagstar Bancorp has been approved by shareholders of both banks.

The all-stock deal, which was announced in April 2021, is anticipated to be finalized during the fourth quarter. It remains to be subject to the meeting of some closing conditions and regulatory approvals.

Sandro DiNello — President and CEO of Flagstar Bancorp said: “I am very pleased with today’s vote, which validates the shareholder value created by the merger.

“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.”

New York Community Bancorp to acquire Flagstar Bancorp for $2.6bn. Photo courtesy of Marvin Young/Wikipedia.org.

The combined bank holding, post-acquisition, will have total assets of $85 billion. It will operate close to 400 traditional branches across nine states, and 86 retail lending offices in a footprint spanning 28 states.

It will be headquartered in Long Island, New York, while the regional headquarters will be in Troy, Michigan, which includes Flagstar Bancorp’s mortgage business.

Thomas R. Cangemi — Chairman, President, and CEO of New York Community Bancorp said: “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.”