New York Community Bancorp has agreed to purchase Astoria Financial Corp., the parent company of New York-based Astoria Bank, in a deal valued at roughly $2 billion, the two companies announced in a press release today.
NYCB and Astoria Financial share similar lending practices with a special focus on multifamily loans on rent-regulated apartment buildings across the New York metropolitan area.
“We are truly excited to be announcing this merger with our neighbor and friendly competitor, Astoria Financial, the parent of 127-year-old Astoria Bank,” Joseph Ficalora, NYCB’s president and chief executive officer, said in prepared remarks. “We’ve been prepping for a large merger since the end of 2011 and, now that all the stars have aligned, I have to say: It certainly looks and feels right.”
Under the new company, Mr. Ficalora will maintain his current role, while Astoria Financial President and CEO Monte Redman and Chairman Ralph Palleschi will become members of the board of directors of NYCB and its subsidiaries.
Full content: The Motley Fool
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