The Bank Slate


Fed approves New York Community-Flagstar deal

New York Community Bancorp in Hicksville, N.Y., has received all the approvals needed to buy Flagstar Bancorp in Troy, Mich.

The $63 billion-asset New York Community said in a press release that the Federal Reserve has approved it pending purchase of the $25.4 billion-asset Flagstar. The news comes less than two weeks after the Office of the Comptroller of the Currency gave conditional approval to the $2.6 billion transaction.

The deal is now expected to close on Dec. 1.

“We are extremely gratified to receive all necessary regulatory approvals required to close on our acquisition,” Thomas Cangemi, New York Community’s chairman, president and CEO, said in the release.

“We are excited about the significant opportunities that the merger provides to both sides and the positive impact both banks will continue to have on our employees, communities and shareholders, and to our customers throughout each of our markets,” Cangemi added.

The Office of the Comptroller of the Currency, in its conditional approval for the $2.6 billion deal, instructed New York Community to divest its interest in the USDF Consortium within two years of completing the acquisition.

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