The Bank Slate


New York Community-Flagstar deal receives OCC approval

New York Community Bancorp in Hicksville and Flagstar Bancorp in Troy, Mich., have received approval from the Office of the Comptroller of the Currency to merge their banks.

The $63 billion-asset New York Community and the $25.4 billion-asset Flagstar said in a press release that they also agreed to extend the termination date for the proposed merger from Oct. 31 to Dec. 31.

New York Community’s $2.6 billion acquisition of Flagstar, which was announced in April 2021, still awaits approval from the Federal Reserve.

“NYCB and Flagstar intend to consummate the holding company and bank mergers promptly after the end of the OCC waiting period and the receipt of approval from the FRB,” the release said.

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