WESTBURY, N.Y., April 28, 2006 — New York Community Bancorp, Inc., the holding company for New York Community Bank and New York Commercial Bank, today announced that its acquisition of Atlantic Bank of New York, a wholly-owned subsidiary of the National Bank of Greece, has been completed.
In accordance with the agreement announced on October 11, 2005, New York Community Bancorp today acquired all of the common stock of Atlantic Bank of New York, which will commence operations as the "Atlantic Bank division of New York Commercial Bank" on Monday, May 1st.
Reflecting the acquisition, New York Community Bancorp now has consolidated assets in excess of $29 billion and a network of 166 branch offices spanning the New York metropolitan region, including 137 branches of New York Community Bank, its savings bank subsidiary, and 29 branches of New York Commercial Bank.
Commenting on the transaction, New York Community Bancorp, Inc. President and Chief Executive Officer, Joseph R. Ficalora, stated, "We are very excited about this latest addition to our banking family, which will benefit our balance sheet, enhance our earnings capacity, and extend the reach of our new commercial bank subsidiary. Over the years, Atlantic Bank has evolved into a premier banking institution, with a reputation for exceptional service to the small and mid-size businesses they serve. We look forward to maintaining the high level of service to which our newest customers have grown accustomed, and to providing them with the additional convenience of our 29 commercial banking locations and our company-wide network of 233 ATMs.
"We also are pleased that Thomas M. O'Brien, President and Chief Executive Officer of Atlantic Bank of New York, will be joining us on a transitional basis as the President of New York Commercial Bank. In addition, Spiros J. Voutsinas, a respected member of the Greek community in both the U.S. and Athens, and a member of our Company and subsidiary bank Boards of Directors, will serve as President of the Atlantic Bank division of New York Commercial Bank," Mr. Ficalora said.
