logo
Share SHARE
FONT-SIZE Plus   Neg

New York Community's Unit To Assume Some $2.3 Bln Deposits From Aurora Bank FSB

New York Community Bancorp, Inc. (NYB) said its wholly-owned savings bank subsidiary, New York Community Bank, has signed an agreement to assume about $2.3 billion of FDIC-insured deposits from Aurora Bank FSB.

The deal is expected to be immediately accretive to earnings upon closing, and the company will be paid $24.0 million to assume the deposits at that time.

The majority of the deposits to be assumed are short-term certificates of deposit, or CDs, including approximately $1.5 billion of brokered CDs and approximately $800 million of retail and institutional CDs, after accounting for anticipated maturities. In addition, the Bank will assume approximately $30 million of money market accounts.

New York Community Bancorp expects to close the transaction in the second quarter of this year.

Commenting on the transaction, President and Chief Executive Officer Joseph Ficalora stated, "This was an attractive opportunity to assume low-cost funding and is consistent with our focus on strategic actions that are accretive to the earnings of the Company."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
10 Worst Places To Raise A Family Whether you are a young couple building a nest or seasoned parents looking for a change of scenery, there are number of places around the country that should be avoided, according to personal finance website WalletHub. They looked at mainly five categories for... A passenger has filed a lawsuit against Canadian budget airline Sunwing Airlines for serving him cheap sparkling wine instead of champagne on board a flight, according to media reports. The Canadian passenger, Daniel MacDuff, reportedly boarded his Sunwing flight to Cuba in February, on a flight package that advertised a complimentary on-board champagne toast. Senate Health Committee Chairman Lamar Alexander, R-Tenn., and ranking member Patty Murray, D-Wash., announced Thursday that twenty-two other Senators are cosponsoring their bipartisan plan to provide short-term stability to Obamacare. The bipartisan bill includes a two-year extension of the cost-sharing...
comments powered by Disqus
Follow RTT