New York Community Bancorp, Inc. and Synergy Financial Group, Inc. Announce the Receipt of FDIC Approval of the Merger of Synerg
August 13 2007 - 5:29PM
Business Wire
New York Community Bancorp, Inc. (NYSE: NYB), the holding company
for New York Community Bank and New York Commercial Bank, and
Synergy Financial Group, Inc. (NASDAQ/Global Market: SYNF)
(�Synergy�), the holding company for Synergy Bank, today announced
that the Federal Deposit Insurance Corporation (the �FDIC�) has
approved the merger of Synergy Bank with and into New York
Community Bank. New York Community Bancorp is currently expected to
acquire Synergy early in the fourth quarter of 2007, subject to the
receipt of certain other regulatory agency approvals and the
approval of Synergy�s shareholders at a special meeting to be held
on September 18, 2007. The merger of Synergy Bank with and into New
York Community Bank is expected to be completed immediately
following the acquisition of Synergy by New York Community Bancorp.
The acquisition is expected to add 21 branches to New York
Community Bancorp�s franchise in New Jersey, strengthening its
presence in the central New Jersey counties of Middlesex, Monmouth,
and Union, and extending its franchise into Mercer County. New York
Community Bancorp, Inc. New York Community Bancorp, Inc. is the
$29.6 billion holding company for New York Community Bank and New
York Commercial Bank, and the leading producer of multi-family
loans for portfolio in New York City. With 159 offices serving New
York City, Long Island, and Westchester County in New York and
Essex, Hudson, Union, Monmouth, Middlesex, and Ocean Counties in
New Jersey, New York Community Bank is the fourth largest thrift
depository in the New York metropolitan region, and operates
through eight local divisions: Queens County Savings Bank, Roslyn
Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank,
CFS Bank, First Savings Bank of New Jersey, Ironbound Bank, and
Penn Federal Savings Bank. New York Commercial Bank has 38 branches
serving Manhattan, Queens, Brooklyn, Westchester County, and Long
Island, including 19 branches of Atlantic Bank. Additional
information about New York Community Bancorp, Inc. and its bank
subsidiaries is available at www.myNYCB.com and
www.NewYorkCommercialBank.com. Synergy Financial Group, Inc.
Synergy Financial Group, Inc. is the $932.5 million holding company
for Synergy Bank and Synergy Financial Services, Inc. The Company
provides a diversified line of products and financial services to
individuals and small to mid-size businesses through a network of
20 branch offices located in Middlesex, Monmouth, and Union
Counties in New Jersey. An additional branch office is scheduled to
open in Mercer County later this month. Additional information
about Synergy Financial Group, Inc. and its subsidiaries is
available at www.synergyonthenet.com. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any securities. New York Community Bancorp, Inc. has filed a
registration statement containing a proxy statement/prospectus that
has been sent to Synergy�s stockholders, and other relevant
documents concerning the proposed transaction, with the U.S.
Securities and Exchange Commission (the �SEC�). Synergy has filed,
and will continue to file, relevant documents concerning the
proposed transaction with the SEC. WE URGE INVESTORS TO READ THE
REGISTRATION STATEMENT CONTAINING THE PROXY STATEMENT/PROSPECTUS,
AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY
CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain
these documents free of charge at the SEC�s web site (www.sec.gov).
In addition, documents filed with the SEC by New York Community
Bancorp, Inc. are available free of charge from the Investor
Relations Department, New York Community Bancorp, Inc., 615 Merrick
Avenue, Westbury, New York 11590. Documents filed with the SEC by
Synergy are available free of charge from the Corporate Secretary,
Synergy Financial Group, Inc., 310 North Avenue East, Cranford, New
Jersey 07016. The directors, executive officers, and certain other
members of management of Synergy Financial Group, Inc. may be
soliciting proxies in favor of the transaction from Synergy�s
shareholders. For information about these directors, executive
officers, and members of management, please refer to the proxy
statement/prospectus that has been sent to Synergy�s stockholders,
which is available on its web site and on the SEC�s web site and at
the address provided in the preceding paragraph. Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995
This release, like many written and oral communications presented
by New York Community Bancorp, Inc. and Synergy Financial Group,
Inc. (the �Companies�) and their 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. The Companies 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,
may be identified by their reference to future periods and include,
without limitation, those statements relating to the anticipated
effects of the transaction between the Companies. The following
factors, among others, could cause the actual results of the
transaction and the expected benefits of the transaction to the
combined company and to the Companies� shareholders, to differ
materially from the expectations stated in this release: the
ability of the Companies to consummate the transaction; a
materially adverse change in the financial condition or results of
operations of either company; the ability of New York Community
Bancorp, Inc. to successfully integrate the assets, liabilities,
customers, systems, and any management personnel it may acquire
into its operations pursuant to the transaction; and the ability to
realize the related revenue synergies and cost savings within the
expected time frames. In addition, factors that could cause the
actual results of the transaction to differ materially from current
expectations include, but are not limited to, general economic
conditions and trends, either nationally or in some or all of the
areas in which the Companies and their customers conduct their
respective businesses; conditions in the securities markets or the
banking industry; changes in interest rates, which may affect the
Companies� net income, the level of prepayment penalties, and other
future cash flows, or the market value of their assets; changes in
deposit flows, and in the demand for deposit, loan, and investment
products and other financial services in the Companies� local
markets; changes in the financial or operating performance of the
Companies� customers� businesses; changes in real estate values,
which could impact the quality of the assets securing the
Companies� loans; changes in the quality or composition of the
Companies� loan or investment portfolios; changes in competitive
pressures among financial institutions or from non-financial
institutions; changes in the customer base of either company;
potential exposure to unknown or contingent liabilities of
companies targeted by New York Community Bancorp, Inc. for
acquisition; the Companies� timely development of new lines of
business and competitive products or services in a changing
environment, and the acceptance of such products or services by the
Companies� customers; any interruption or breach of security
resulting in failures or disruptions in customer account
management, general ledger, deposit, loan, or other systems; the
outcome of pending or threatened litigation or of other matters
before regulatory agencies, or of matters resulting from regulatory
exams, whether currently existing or commencing in the future;
environmental conditions that exist or may exist on properties
owned by, leased by, or mortgaged to the Companies; changes in
estimates of future reserve requirements based upon the periodic
review thereof under relevant regulatory and accounting
requirements; changes in banking, securities, tax, environmental,
and insurance law, regulations, and policies, and the ability to
comply with such changes in a timely manner; changes in accounting
principles, policies, practices, or guidelines; changes in
legislation and regulation; operational issues stemming from and/or
capital spending necessitated by the potential need to adapt to
industry changes in information technology systems, on which the
Companies are highly dependent; changes in the monetary and fiscal
policies of the U.S. Government, including policies of the U.S.
Treasury and the Federal Reserve Board; war or terrorist
activities; and other economic, competitive, governmental,
regulatory, and geopolitical factors affecting the Companies�
operations, pricing, and services. Additionally, the timing and
occurrence or non-occurrence of events may be subject to
circumstances beyond the Companies� control. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release. Except as required
by applicable law or regulation, the Companies disclaim any
obligation to update any forward-looking statements.
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