New York Community Bancorp’s $515 Million Offering of Depositary Shares

March 17, 2017

Cleary Gottlieb represented the underwriters, led by Goldman Sachs, Credit Suisse and Merrill Lynch, in a registered offering of 20,600,000 depositary shares, each representing a 1/40th interest in a share of fixed-to-floating rate Series A noncumulative perpetual preferred stock issued by New York Community Bancorp, Inc. (NYCB).

The depositary shares issued included 600,000 depositary shares sold pursuant to a partial exercise of the underwriters’ option to purchase additional depositary shares. The offering priced on March 10, 2017, and closed on March 17, 2017.

NYCB is a multi-bank holding company that ranks among the 25 largest U.S. bank holding companies and, with deposits of $28.9 billion as of December 31, 2016, it also ranks 27th among the largest U.S. depositories. NYCB currently has 255 branch offices in five states and has two primary subsidiaries: New York Community Bank and New York Commercial Bank. New York Community Bank has 225 branches in Metro New York, New Jersey, Ohio, Florida and Arizona; New York Commercial Bank has 30 branches in Metro New York.