$2 Billion Merger of New York Community Bancorp and Astoria Financial Corporation
October 29, 2015
Cleary Gottlieb is representing Goldman Sachs and Credit Suisse Securities as financial advisors to New York Community Bancorp, in connection with the merger, announced October 29, 2015, of Astoria Financial Corporation into NYCB.
Pursuant to the transaction, Astoria (the parent company of Astoria Bank) will be merged with and into NYCB (the parent company of New York Community Bank and New York Commercial Bank), and Astoria Bank’s branches will then operate through a newly formed Astoria Bank Division of NYCB. At the close of the transaction, shareholders of Astoria will receive one share of NYCB common stock and $0.50 in cash in exchange for each share of Astoria common stock then outstanding.
Pending receipt of the necessary shareholder and regulatory approvals, the merger is currently expected to be completed in the fourth quarter of 2016.
NYCB is the fourth largest thrift depository in the United States and the largest in New York State. Astoria is the second largest thrift depository in New York State.