Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade NYB now with 

New York Community Bancorp, Inc. (NYB: Quote) 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."

Click here to receive FREE breaking news email alerts for New York Community Bancorp Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
United Nations Secretary-General Ban Ki-moon on Tuesday urged both Israelis and Palestinians to stop the fighting that has been raging for the past two weeks in the Gaza Strip, and pleaded with the two sides to return to dialogue with the aim of addressing the underlying causes of the repeated cycles... After moving notably higher in early trading on Tuesday, stocks continued to perform well throughout the session. The gains on the day offset the modest weakness that was seen in the previous session, extending the recent back-and-forth movement by the markets. Two federal appeals courts have issued contradictory rulings over the federal government's ability to provide subsidies under Obamacare, suggesting that the future of President Barack Obama's healthcare law could once again end up in the hands of the U.S. Supreme Court.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.