New York Community Bancorp, Inc. (NYB) said Friday that its savings bank subsidiary, New York Community Bank, has acquired all the deposits and certain assets of AmTrust Bank from the Federal Deposit Insurance Corp.
Under the terms of the agreement with the FDIC, New York Community Bank received certain assets of about $11 billion, including performing single-family mortgage and consumer loans of about $6 billion which are subject to a loss-share agreement with the FDIC, cash of about $4 billion and securities of about $1 billion.
New York Community Bank also assumed certain liabilities of about $11 billion, including deposits of about $8 billion and wholesale borrowings of about $3 billion.
The acquired branches will commence operations as "AmTrust Bank, a division of New York Community Bank" on Saturday morning.
The transaction, which boosts the company's assets to about $42 billion, deposits to about $22.5 billion and the number of branches to 278, is immediately accretive to earnings, the company said.
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