logo
Plus   Neg
Share
Email
Comment

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
Angry protesters are planning more than 50 demonstrations on Friday at several Tim Hortons locations across Canada after some franchise owners in Ontario slashed workers' benefits as well as paid breaks in response to the Ontario government's minimum wage hike. The protests are being organized by advocacy group Leadnow and the Fight for $15 & Fairness Campaign. Athletic footwear giant Nike, Inc. on Thursday announced a new marketing head, in its efforts to boost market share. The company promoted Dirk-Jan "DJ" van Hameren as its VP, Chief Marketing Officer, effective immediately. Van Hameren will succeed Greg Hoffman, who has been appointed VP, Global Brand Creative & Marketing Innovation Amazon.com Inc. (AMZN) said Thursday that it has chosen the 20 metropolitan areas to move to the next phase of the selection process for the company's second headquarters. The company plans to invest over $5 billion and grow the second headquarters to accommodate as many as 50,000 high-paying jobs.
comments powered by Disqus
Follow RTT