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

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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."

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by RTT Staff Writer

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