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Nv NEW YORK COMMUNITY B BANCORP . INC . Flagstar® Bancorp , Inc. FOR IMMEDIATE RELEASE New York Community Bancorp , Inc .: Investor / Media Contact : Salvatore J. DiMartino ( 516 ) 683-4286 Flagstar Bancorp , Inc .: Investor / Contact : Kenneth Schellenberg ( 248 ) 312-5741 Media Contact : Susan Bergesen ( 248 ) 797-2207 NEW YORK COMMUNITY BANCORP , INC . TO ACQUIRE FLAGSTAR BANCORP , INC . IN AN ALL STOCK STRATEGIC MERGER ATTRACTIVE PRO - FORMA FINANCIAL METRICS ; SUBSTANTIALLY ACCRETIVE TO EPS AND TANGIBLE BOOK VALUE PER SHARE CREATES A HIGH PERFORMING REGIONAL BANK WITH NATIONAL SCALE AND STRONG FOOTHOLDS IN THE NORTHEAST AND UPPER MIDWEST WITH EXPOSURE TO HIGH GROWTH MARKETS COMBINED COMPANY WILL HAVE SIGNIFICANT SCALE , GEOGRAPHIC DIVERSIFICATION , IMPROVED FUNDING PROFILE , AND A BROADER PRODUCT MIX Westbury , N.Y. and Troy , MI , April 26 , 2021 New York Community Bancorp , Inc. ( NYSE : NYCB ) ( " New York Community " ) and Flagstar Bancorp , Inc. ( NYSE : FBC ) ( “ Flagstar ” ) , jointly announced today that they have entered into a definitive merger agreement under which the two companies will combine in an all stock merger . Under terms of the agreement , which was unanimously approved by the Boards of Directors of both companies , Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own . Following completion of the transaction , the New York Community shares held by New York Community shareholders immediately prior to the transaction are expected to collectively represent approximately 68 % of the combined company and the New York Community shares issued to Flagstar shareholders in the merger are expected to represent approximately 32 % of the combined company . The implied total transaction value based on closing prices as of April 23 , 2021 is approximately $ 2.6 billion . The new company will have over $ 87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28 state footprint . It will have its headquarters on Long Island , N.Y. with regional headquarters in Troy , MI , including Flagstar's mortgage operations . The combined company will maintain the Flagstar Bank brand in the Midwest . Flagstar's mortgage division will also maintain the Flagstar brand . Other states will retain their current branding . Thomas R. Cangemi will be President and Chief Executive Officer of the combined company and Alessandro ( Sandro ) P. DiNello , Flagstar's current President and Chief Executive Officer , will become Non - Executive Chairman with John Pinto serving as Senior Executive Vice President and Chief Financial Officer of the combined company . Lee M. Smith will continue to lead the mortgage division as Senior Executive Vice President and President of Mortgage and Reginald Davis will head up consumer and commercial banking and serve as Senior Executive Vice President and President of Banking . The remaining key roles will combine the best talent from both companies . The Board of Directors will be comprised of 12 directors - eight from New York Community and four from Flagstar . Commenting on the transaction , Thomas R. Cangemi stated , “ When I was appointed President and CEO of New York Community earlier this year , one of my top priorities was to seek out a like - minded partner that would provide NYCB with a diversified revenue stream , an improved funding mix , and leverage our scale and technology , as we transition away from a traditional thrift model . In Flagstar , we have found such a like - minded partner . The combination of our two companies will allow each of us to continue our transformation to a full - service commercial bank by broadening our product offerings while expanding our geographic reach with no branch overlap . Over the past several months , I have gotten to know the Board and