New York Community Bancorp Gets Final Regulatory Approval To Complete Flagstar Bancorp Acquisition
(RTTNews) - New York Community Bancorp, Inc. (NYCB) and Flagstar Bancorp, Inc. (FBC) announced Monday that NYCB has received regulatory approval from the Federal Reserve Board (FRB) to complete its previously announced acquisition of Flagstar.
On October 28, 2022, NYCB and Flagstar announced the receipt of regulatory approval from the Office of the Comptroller of the Currency to convert Flagstar Bank, FSB to a national bank to be known as Flagstar Bank, N.A. and to merge New York Community Bank into Flagstar Bank, N.A.
With the FRB approval, no further regulatory approvals are required to complete the acquisition. The consummation of the acquisition of Flagstar by NYCB is expected to take place on December 1, 2022, subject to the satisfaction of the remaining customary closing conditions.
The Company will continue to be known as New York Community Bancorp, Inc. and trade under the "NYCB" ticker symbol.
The acquisition would create one of the largest regional banks in the country, operating 395 branches across a nine-state franchise, including strong footholds in the Northeast and the Midwest and exposure to high growth markets in the Southwest and West Coast.
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