Hicksville-Based Bank Becomes One Of Nation's Largest With Merger

HICKSVILLE, NY — The Hicksville-based New York Community Bancorp, Inc. (NYCB) completed its acquisition of Flagstar Bancorp, Inc. earlier this month. The merger creates a banking franchise that is among the largest in the country.

Flagstar Bank operates 395 branches across nine states. Through its Flagstar Mortgage division, the company operates nationally through 81 retail home lending offices and a wholesale network of approximately 3,000 third-party mortgage originators.

"We are tremendously pleased and very excited to announce the completion of our merger with Flagstar," said Thomas Cangemi, president and CEO of NYCB. "Our employees will benefit from greater opportunities and resources that a bank with almost $90 billion in assets possesses, customers will benefit by having access to a wider array of products and services driven by enhanced technology, and our communities will benefit..."

Both NYCB and Flagstar will continue to operate their banking networks separately under their respective brands. Customers at both banks will not experience any immediate changes to their accounts, loan payments, access to account information, use of debit cards, access to ATMs or access to account information, either on-line or through mobile banking applications.

In the future, NYCB said it would announce plans to merge the banks into one brand.