WESTBURY, N.Y. AND TROY, MICH. — New York Community Bancorp Inc. (NYSE: NYCB) and Flagstar Bancorp Inc. (NYSE: FBC) have entered into a definitive merger agreement under which the two companies will combine in an all-stock merger valued at $2.6 billion. The new company will have more than $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28-state footprint. The main headquarters will be located on Long Island, N.Y., with regional headquarters in Troy, Mich., including Flagstar’s mortgage operations. The combined company will maintain the Flagstar Bank brand in the Midwest. The transaction is expected to close by the end of 2021.
Based in Westbury, N.Y., New York Community Bancorp is a multifamily lender in New York City and is the parent company of New York Community Bank. As of March 31, the company reported assets of $57.7 billion and loans of $43.1 billion. It operates 236 branches through eight local divisions. The company’s stock price closed at $12.54 per share Monday, April 26, up from $10.16 per share one year ago.
Flagstar Bancorp is a $29.4 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank 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 87 retail locations in 28 states. The company’s stock price closed at $48.27 per share Monday, April 26, up from $22.75 per share one year ago.