New York Community and Astoria Terminate Merger
After New York Community Bancorp's search for a deal since 2011, plus a 14-month regulatory and shareholder approval process, the bank and Astoria Financial have called off their merger as of Jan. 1, 2017. We plan to lower our fair value estimate for New York Community by $1-$2 to reflect the loss of expected value from the deal while maintaining our narrow moat rating. Ultimately, we believe the banks chose to terminate the merger because they saw an opportunity to extract more value for shareh...New York Community Bancorp is a multi-bank holding company. Through its subsidiary, New York Community Bank, the company operates through eight local divisions: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank, and Atlantic Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio: and AmTrust Bank in Florida and Arizona. The company is also a producer of multi-family loans in New York City, with a focus on non-luxury residential apartment buildings with rent-regulated units that feature below-market rents.
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