HICKSVILLE, N.Y., May 16, 2023
/PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the
"Company") today announced that the previously announced
underwritten public offering of 39,032,006 shares of the Company's
common stock by the Federal Deposit Insurance Corporation, as
receiver for Signature Bridge Bank, National Association (the "FDIC
Receiver"), as the selling shareholder, was priced. The
Company is not selling any shares in, nor will it receive any
proceeds from, the offering. The FDIC Receiver will receive all of
the net proceeds from the offering. The offering is expected
to close on May 19, 2023, subject to
customary closing conditions. Upon the completion of the
offering, it is expected that the FDIC Receiver will own no shares
of the Company.
Prior to the offering, the FDIC Receiver owned 39,032,006 shares
of common stock, which it acquired pursuant to an Equity
Appreciation Instrument issued to the FDIC Receiver by the Company
as part of the consideration for the purchase and assumption of
certain assets and liabilities of Signature Bridge Bank, National
Association. Pursuant to the terms of Equity Appreciation
Instrument, the FDIC Receiver agreed to use all reasonable efforts
to sell the shares it owns by no later than June 8, 2023 and the Company agreed to use
reasonable efforts to facilitate such a sale.
Barclays is acting as sole bookrunning manager for the offering.
The underwriter may offer the shares from time to time to
purchasers directly or through agents, or through brokers in
brokerage transactions on the New York Stock Exchange, or to
dealers in negotiated transactions or in a combination of such
methods of sale, at a fixed price or prices, which may be changed,
or at market prices prevailing at the time of sale, at prices
related to such prevailing market prices or at negotiated
prices.
The Company common stock is being offered pursuant to an
automatic shelf registration statement (including a prospectus)
filed by the Company with the Securities and Exchange Commission
(the "SEC") and became effective upon filing. Before
considering an investment, investors should read the prospectus in
that registration statement, the prospectus supplement related to
this offering and other documents the Company has filed with the
SEC for more complete information about the Company and this
offering. These documents are available without charge by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively, a
copy of the prospectus supplement and accompanying prospectus may
be requested by calling the Company at (516) 683-4420 or by
contacting Barclays Capital Inc. c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, at
Barclaysprospectus@broadridge.com or (888) 603-5847.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state of jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of
Flagstar Bank, N.A., one of the largest regional banks in the
country. The Company is headquartered in Hicksville, New York with regional
headquarters in Troy, Michigan. At
March 31, 2023, the Company had
$123.8 billion of assets,
$83.3 billion of loans, deposits of
$84.8 billion, and total
stockholders' equity of $10.8
billion.
Flagstar Bank, N.A. operates 435 branches, including strong
footholds in the Northeast and Midwest and exposure to high growth
markets in the Southeast and West Coast. Flagstar Mortgage operates
nationally through a wholesale network of approximately 3,000
third-party mortgage originators.
New York Community Bancorp, Inc. has market-leading positions in
several national businesses, including multi-family lending,
mortgage origination and servicing, and warehouse lending. The
Company is the second-largest multi-family portfolio lender in the
country and the leading multi-family portfolio lender in the
New York City market area, where
it specializes in rent-regulated, non-luxury apartment buildings.
Flagstar Mortgage is the 8th largest bank originator of residential
mortgages for the 12-months ending March 31,
2023, while we are the industry's 6th largest sub-servicer
of mortgage loans nationwide, servicing 1.5 million accounts with
$363 billion in unpaid principal
balances. Additionally, the Company is the 2nd largest mortgage
warehouse lender nationally based on total commitments.
Cautionary Statements Regarding Forward-Looking
Information
This release may include forward–looking statements by the
Company and our authorized officers pertaining to such matters as
our goals, intentions, and expectations regarding revenues,
earnings, loan production, asset quality, capital levels, and
acquisitions, among other matters; our estimates of future costs
and benefits of the actions we may take; our assessments of
probable losses on loans; our assessments of interest rate and
other market risks; and our ability to achieve our financial and
other strategic goals, including those related to our merger with
Flagstar Bancorp, Inc., which was completed on December 1, 2022, and our recent acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction.
Forward–looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," and other similar
words and expressions, and are subject to numerous assumptions,
risks, and uncertainties, which change over time. Additionally,
forward–looking statements speak only as of the date they are made;
the Company does not assume any duty, and does not undertake, to
update our forward–looking statements. Furthermore, because
forward–looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward–looking statements are subject to the following
principal risks and uncertainties: general economic conditions and
trends, either nationally or locally; conditions in the securities
markets; changes in interest rates; changes in deposit flows, and
in the demand for deposit, loan, and investment products and other
financial services; changes in real estate values; changes in the
quality or composition of our loan or investment portfolios;
changes in competitive pressures among financial institutions or
from non–financial institutions; changes in legislation,
regulations, and policies; the success of our blockchain and
fintech activities, investments and strategic partnerships; the
restructuring of our mortgage business; and a variety of other
matters which, by their nature, are subject to significant
uncertainties and/or are beyond our control. Our forward-looking
statements are also subject to the following principal risks and
uncertainties with respect to our merger with Flagstar Bancorp,
which was completed on December 1,
2022, and our recent acquisition of substantial portions of
the former Signature Bank through an FDIC-assisted transaction; the
possibility that the anticipated benefits of the transactions will
not be realized when expected or at all; diversion of management's
attention from ongoing business operations and opportunities; the
possibility that the Company may be unable to achieve expected
synergies and operating efficiencies in or as a result of the
transactions within the expected timeframes or at all; and revenues
following the transactions may be lower than expected.
Additionally, there can be no assurance that the Community Benefits
Agreement entered into with NCRC, which was contingent upon the
closing of the Company's merger with Flagstar Bancorp, Inc., will
achieve the results or outcome originally expected or anticipated
by us as a result of changes to our business strategy, performance
of the U.S. economy, or changes to the laws and regulations
affecting us, our customers, communities we serve, and the U.S.
economy (including, but not limited to, tax laws and
regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10–K for the
year ended December 31, 2022, our
Quarterly Report on Form 10-Q for the period ended March 31, 2023 and in other SEC reports we file.
Our forward–looking statements may also be subject to other risks
and uncertainties, including those we may discuss in this news
release, on our conference call, during investor presentations, or
in our SEC filings, which are accessible on our website and at the
SEC's website, www.sec.gov.
Investor and Media
Contact:
|
Salvatore J.
DiMartino
|
|
(516)
683-4286
|
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SOURCE New York Community Bancorp, Inc.