New York Community Bancorp, Inc. Announces Completion of $515 Million Offering of Depositary Shares Representing Interests in Preferred Stock

WESTBURY, N.Y.--()--New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”), the parent company for New York Community Bank and New York Commercial Bank, today announced the completion of an underwritten public offering of 20,600,000 depositary shares, each representing a 1/40th interest in a share of the Company’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share).

Dividends will accrue on the depositary shares at a fixed rate equal to 6.375% per annum until March 17, 2027, and a floating rate equal to Three-month LIBOR plus 382.1 basis points per annum beginning on March 17, 2027. Dividends will be payable in arrears on March 17, June 17, September 17 and December 17 of each year, commencing on June 17, 2017.

The offering included 20,000,000 depositary shares, as previously announced, and an additional 600,000 depositary shares sold pursuant to the underwriters’ option to purchase additional shares. The Company’s net proceeds from the offering, after deducting underwriting discounts, commissions, and offering expenses, are approximately $503.5 million. The depositary shares will be listed on the New York Stock Exchange under the symbol “NYCB PrA” and are expected to start trading on March 22, 2017.

Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint active book-running managers of the offering. Citigroup Global Markets Inc. and Sandler O’Neill & Partners, L.P. acted as joint passive book-running managers of the offering. Raymond James & Associates, Inc. acted as lead manager of the offering, and American Capital Partners, LLC and Keefe, Bruyette & Woods, Inc. acted as co-managers of the offering.

The depositary shares have been offered by the Company pursuant to an effective Form S-3 shelf registration statement (including a base prospectus) previously filed by the Company with the Securities and Exchange Commission (the “SEC”) (File No. 333-210919). The prospectus in that registration statement, the preliminary prospectus supplement dated March 10, 2017, the final prospectus supplement dated March 10, 2017, and other documents the Company has filed with the SEC are available without charge by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, a copy of the prospectus may be requested by calling the Company at (516) 683-4420 or by contacting one of the following underwriters: Goldman, Sachs & Co. at Attn: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; Credit Suisse Securities (USA) LLC at Attn: Prospectus Department, One Madison Avenue, New York, NY 10010, or by email at newyork.prospectus@creditsuisse.com; or Merrill Lynch, Pierce, Fenner & Smith Incorporated at NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by telephone at (800) 294-1322, or by email at dg.prospectus_requests@baml.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About New York Community Bancorp, Inc.

One of the largest U.S. bank holding companies, with assets of $48.9 billion, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. With deposits of $28.9 billion and 255 branches in Metro New York, New Jersey, Florida, Ohio, and Arizona, the Company also ranks among the largest U.S. depositories.

Reflecting its growth through a series of acquisitions, New York Community Bank currently operates through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona. Similarly, New York Commercial Bank currently operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward‐looking statements by the Company pertaining to its offering of depositary shares representing interests in shares of the Series A Preferred Stock. Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.

Our forward‐looking statements are subject to the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios; changes in competitive pressures among financial institutions or from non‐financial institutions; our ability to obtain the necessary shareholder and regulatory approvals of any acquisitions we may propose; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we may acquire into our operations, and our ability to realize related revenue synergies and cost savings within expected time frames; changes in legislation, regulations, and policies; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. More information regarding some of these factors is provided in the Risk Factors section of our Form 10‐K for the year ended December 31, 2016 and in other documents we may file with the SEC.

Contacts

New York Community Bancorp, Inc.
Investors:
Thomas R. Cangemi, 516-683-4014
or
Media:
Kelly Maude Leung, 516-683-4032

Release Summary

NEW YORK COMMUNITY BANCORP, INC. ANNOUNCES COMPLETION OF $515 MILLION OFFERING OF DEPOSITARY SHARES REPRESENTING INTERESTS IN PREFERRED STOCK

Contacts

New York Community Bancorp, Inc.
Investors:
Thomas R. Cangemi, 516-683-4014
or
Media:
Kelly Maude Leung, 516-683-4032