Rebranding Acknowledges the Significant Value of the Business to the Company, with Revenues of $143.5 Million Generated in the First Nine Months of 2010
WESTBURY, N.Y.(LoanSafe.org) - New York Community Bancorp, Inc. (NYSE: NYB) (the "Company") today announced that its Cleveland-based residential mortgage banking business will commence the production of one-to-four family loans under a new name, "NYCB Mortgage Company, LLC," a subsidiary of New York Community Bank, effective January 3, 2011.
The Company acquired the residential mortgage loan origination platform last year, in connection with its acquisition of certain assets and liabilities of AmTrust Bank in an FDIC-assisted transaction. With $6.9 billion of prime agency-conforming one-to-four family loans produced in the first nine months of 2010, the Company's mortgage banking operation is the 13th largest aggregator of agency-conforming one-to-four family mortgage loans in the United States. In addition to diversifying the Company's product mix, the mortgage banking business generated year-to-date revenues of $143.5 million, primarily in the form of gains on sale. The Company sells the one-to-four family loans it originates to government-sponsored enterprises rather than originating them for portfolio.
Commenting on the rebranding, Chairman, President, and Chief Executive Officer Joseph R. Ficalora stated, "We have been very pleased with the increasing contribution of the mortgage banking operation in Cleveland to our revenue stream since last December, and by the exceptional quality of its leadership and its sophisticated, yet user-friendly, platform which was specifically designed to significantly mitigate risk. While multi-family lending remains the cornerstone of our business model, the rebranding of the mortgage banking operation demonstrates our commitment to this additional line of business and our recognition of the value it has added to our Company.
"As we begin to source such loans through our retail network--in addition to the more than 1,000 community banks, credit unions, and mortgage companies that are our clients--we look forward to building on our first year's success in the coming year."
Jon K. Baymiller, President and Chief Executive Officer of NYCB Mortgage Company, added, "After a year of transition, this is a milestone moment for our clients, our customers, and our employees. Our brand alignment with NYCB conveys our respect for its 151-year legacy of outstanding service and sound risk management; we are committed to maintaining that legacy as part of the NYCB Family of Banks."
About New York Community Bancorp, Inc.
With assets of $41.7 billion at September 30, 2010, New York Community Bancorp, Inc. is the 22nd largest bank holding company in the nation and a leading producer of multi-family mortgage loans in New York City, with an emphasis on apartment buildings that feature below-market rents. The Company has two bank subsidiaries: New York Community Bank, a thrift with 242 branches serving customers throughout Metro New York, New Jersey, Ohio, Florida, and Arizona; and New York Commercial Bank, with 34 branches serving customers in Manhattan, Queens, Brooklyn, Long Island, and Westchester County in New York.
Reflecting its growth through a series of acquisitions, the Community Bank operates through seven local divisions, each with a history of strength and service in its community: Queens County Savings Bank in Queens, Roslyn Savings Bank on Long Island, Richmond County Savings Bank on Staten Island, Roosevelt Savings Bank in Brooklyn; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona. Similarly, the Commercial Bank operates 17 of its branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com and www.NewYorkCommercialBank.com.
Forward-looking Statements and Associated Risk Factors
This release, like many written and oral communications presented by New York Community Bancorp, Inc. and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “will,” “would,” “should,” “could,” “may,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. For a discussion of risks that may cause actual results to differ from expectations, please refer to our Annual Report on Form 10-K for the year ended December 31, 2009, including the sections entitled “Forward-looking Statements and Associated Risk Factors” and “Risk Factors” and our Quarterly Report on Form 10-Q for the three months ended September 30, 2010, on file with the U.S. Securities and Exchange Commission
New York Community Bancorp, Inc.
Ilene A. Angarola, 516-683-4420
Executive Vice President & Director
Investor Relations and Corp. Communications