NEW NAME SIGNALS CONTINUED EVOLUTION INTO A
SINGULAR BRAND, ALIGNING WITH THE COMPANY'S STRATEGIC FOCUS ON
BECOMING A FULL-SERVICE REGIONAL FRANCHISE WITH A
GROWTH-ORIENTED VISION
HICKSVILLE, N.Y., Oct. 15,
2024 /PRNewswire/ -- New York Community Bancorp,
Inc., (NYSE: NYCB) (the "Company"), the holding company of Flagstar
Bank, N.A., today announced that its Board of Directors approved
and adopted an amendment to the Company's Amended and Restated
Certificate of Incorporation, changing the Company's name to
Flagstar Financial, Inc. (the "Name Change").
Commenting on the Name Change, Chairman, President, and Chief
Executive Officer, Joseph Otting
stated, "We are excited to announce our new holding company name
and stock symbol, marking another milestone in our ongoing
transformation. Over the past six months, the Board of Directors
and management have made remarkable progress in laying a strong
foundation for the future. We've diversified our business model,
established relationship-driven businesses, and continue to recruit
top-tier talent with expertise in advancing our vision. Our new
Company name complements the re-branding of the Bank and our
branches we implemented earlier this year. This name change is a
continuation of those efforts and unifies the company and our
vision into a single brand."
As a result of the Name Change, which will become effective on
October 25, 2024, at 5:00 pm ET, the Company expects that its common
stock, which trades on the New York Stock Exchange (the "NYSE"),
will cease trading under the ticker symbol "NYCB" and commence
trading on the NYSE under the ticker symbol "FLG" effective as of
the open of business on October 28,
2024. In addition, effective as of that same time, the
Company expects that the NYSE ticker symbol for the Company's
Bifurcated Option Note Unit SecuritiESSM will change to
"FLG PRU" from "NYCB-PU" and the ticker symbol for the Company's
Depositary Shares, each representing a 1/40th interest in a share
of Series A Noncumulative Perpetual Preferred Stock, will change to
"FLG PRA" from "NYCB-PA". No action is required by
shareholders and the applicable CUSIPs will remain unchanged.
About New York Community Bancorp, Inc.
New York
Community Bancorp, Inc. is the parent company of Flagstar Bank,
N.A., one of the largest regional banks in the country. The Company
is headquartered in Hicksville, New
York. At June 30, 2024, the
Company had $119.1 billion of assets,
$82.4 billion of loans, deposits of
$79.0 billion, and total
stockholders' equity of $8.4
billion.
Flagstar Bank, N.A. operates over 400 branches, including a
significant presence in the Northeast and Midwest and locations in
high growth markets in the Southeast and West Coast. In
addition, the Bank has approximately 90 private banking teams
located in over 10 cities in the metropolitan New York City region and on the West Coast,
which serve the needs of high-net worth individuals and their
businesses.
Cautionary Note Regarding Forward-Looking
Statements
The foregoing disclosures may include
forward‐looking statements within the meaning of the federal
securities laws by the Company pertaining to such matters as our
goals, intentions, and expectations regarding (a) our corporate
name change and NYSE stock ticker symbol changes; (b) revenues,
earnings, loan production, asset quality, liquidity position,
capital levels, risk analysis, divestitures, acquisitions, and
other material transactions, among other matters; (c) the future
costs and benefits of the actions we may take; (d) our assessments
of credit risk and probable losses on loans and associated
allowances and reserves; (e) our assessments of interest rate and
other market risks; (f) our ability to execute on our strategic
plan, including the sufficiency of our internal resources,
procedures and systems; (g) our ability to attract, incentivize,
and retain key personnel and the roles of key personnel; (h) our
ability to achieve our financial and other strategic goals,
including those related to our merger with Flagstar Bancorp, Inc.,
which was completed on December 1, 2022, our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction, and our ability to fully and timely
implement the risk management programs institutions greater than
$100 billion in assets must maintain; (i) the effect on our capital
ratios of the approval of certain proposals approved by our
shareholders during our 2024 annual meeting of shareholders; (j)
the conversion or exchange of shares of the Company's preferred
stock; (k) the payment of dividends on shares of the Company's
capital stock, including adjustments to the amount of dividends
payable on shares of the Company's preferred stock; (l) the
availability of equity and dilution of existing equity holders
associated with amendments to the 2020 Omnibus Incentive Plan; and
(m) the terms associated with, and potential future grants of,
employment inducement award grants.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "plan,"
"outlook," "estimate," "forecast," "project," "should," 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, among others, the
following principal risks and uncertainties: our ability to effect
our corporate name change and NYSE ticker symbol changes on
currently anticipated timelines; general economic conditions
and trends, either nationally or locally; conditions in the
securities, credit and financial markets; changes in interest
rates; the inability of the Bank and Nationstar to execute the
transaction contemplated by the MSR Purchase Agreement and Asset
Purchase Agreement or satisfy customary closing conditions; 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, including associated allowances and
reserves; changes in future allowance for credit losses
requirements under relevant accounting and regulatory requirements;
the ability to pay future dividends; changes in our capital
management and balance sheet strategies and our ability to
successfully implement such strategies; changes in our strategic
plan, including changes in our internal resources, procedures and
systems, and our ability to successfully implement such plan;
changes in competitive pressures among financial institutions or
from non‐financial institutions; changes in legislation,
regulations, and policies; the success of our blockchain and
fintech activities, investments and strategic partnerships; the
restructuring of our mortgage business; the impact of failures or
disruptions in or breaches of the Company's operational or security
systems, data or infrastructure, or those of third parties,
including as a result of cyberattacks or campaigns; the impact of
natural disasters, extreme weather events, military conflict
(including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction: the possibility that the anticipated
benefits of the transactions will not be realized when expected or
at all; the possibility of increased legal and compliance costs,
including with respect to any litigation or regulatory actions
related to the business practices of acquired companies or the
combined business; diversion of management's attention from ongoing
business operations and opportunities; the possibility that the
Company may be unable to achieve expected synergies and operating
efficiencies in or as a result of the transactions within the
expected timeframes or at all; and revenues following the
transactions may be lower than expected. Additionally, there can be
no assurance that the Community Benefits Agreement entered into
with NCRC, which was contingent upon the closing of the Company's
merger with Flagstar Bancorp, Inc., will achieve the results or
outcome originally expected or anticipated by us as a result of
changes to our business strategy, performance of the U.S. economy,
or changes to the laws and regulations affecting us, our customers,
communities we serve, and the U.S. economy (including, but not
limited to, tax laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K/A for
the year ended December 31, 2023,
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and Quarterly Report on Form 10-Q
for the quarter ended June 30, 2024,
and in other SEC reports we file. Our forward‐looking statements
may also be subject to other risks and uncertainties, including
those we may discuss in this release, during investor
presentations, or in our SEC filings, which are accessible on our
website and at the SEC's website, www.sec.gov.
Investor Contact:
Salvatore J.
DiMartino
(516) 683-4286
Media Contact:
Steven Bodakowski
(248) 312-5872
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-changes-name-to-flagstar-financial-inc-and-stock-symbol-to-flg-302276941.html
SOURCE New York Community Bancorp, Inc.
