NEW YORK COMMUNITY BANCORP, INC. ANNOUNCES EFFECTIVE DATE OF THREE-FOR-ONE REVERSE STOCK SPLIT

HICKSVILLE, NY, July 2, 2024 /PRNewswire/ — New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) announced today that, as previously disclosed and approved by its stockholders at the Company’s annual meeting held on June 5thIts board of directors has approved a one-for-three reverse stock split. The reverse stock split is expected to take effect on 5:01 PM ET on July 11, 2024after the close of trading on the New York Stock Exchange (“NYSE”). The Company’s common stock is expected to begin trading on a split-adjusted basis effective at the opening of trading on July 12, 2024.

Following the Share Consolidation, three issued and outstanding common shares of the Company will be exchanged for one new common share of the Company. In addition, the authorized number of common shares of the Company will be reduced from 2,000,000,000 to 666,666,666. The new CUSIP number of the Company’s common shares following the Share Consolidation will be 649445400. No fractional shares will be issued pursuant to the Share Consolidation. Common shareholders who would otherwise be entitled to receive fractional shares following the Share Consolidation will be entitled to a cash payment in lieu of the fractional shares.

Proportionate adjustments will also be made to the Company’s equity compensation plans and equity compensation awards, as well as to the conversion ratio of certain classes of the Company’s preferred stock.

Commenting on today’s announcement, Chairman, President and CEO Joseph M. Otting said: “The reverse stock split represents another step in our efforts to increase shareholder value and in the process of building a strong, well-diversified regional bank. We are pleased with the overwhelming shareholder support for the reverse stock split and the other proposals approved at the annual meeting of shareholders.”

About New York Community Bancorp, Inc.

New York Community Bancorp, Inc. is the parent company of Flagstar Bank, NA, one of the nation’s largest regional banks. The company’s headquarters is located in Hicksville, New York. HAS March 31, 2024The Company had $112.9 billion actives, $83.3 billion of loans, deposits of $74.9 billionand the total equity of $8.4 billion.

Flagstar Bank, NA operates 419 branches, with a strong presence in the Northeast and Midwest and exposure to the high-growth markets of the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage lenders. In addition, the Bank has approximately 100 private banking teams located in more than ten cities throughout the metropolitan area. New York City region and on the west coast, which meet the needs of high net worth individuals and their businesses.

New York Community Bancorp, Inc. holds market leadership positions in several national sectors, including multifamily lending, mortgage origination and servicing, and warehouse lending. Flagstar Mortgage is the seventh largest residential mortgage originator for the 12 months ended March 31, 2024and the fifth-largest residential mortgage loan processor in the industry nationwide, servicing 1.4 million accounts with $367 billion in unpaid principal balances.

Caution Regarding Forward-Looking Statements

The foregoing disclosures may include forward-looking statements within the meaning of the federal securities laws by the Company regarding matters such as our objectives, intentions and expectations regarding (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, dispositions, acquisitions and other significant transactions, among other matters; (b) the future costs and benefits of actions we may take; (c) our assessments of credit risk and probable loan losses and related provisions and reserves; (d) our assessments of interest rates and other market risks; (e) our ability to execute our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to attract, motivate and retain key personnel and the roles of key personnel; (g) our ability to achieve our financial and other strategic objectives, 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 that institutions with assets in excess of $100 billion are required to maintain; (h) the effect on our capital ratios of the approval of certain proposals approved by our stockholders at the 2024 annual meeting; (i) the conversion or exchange of the Company’s preferred stock; (j) the payment of dividends on the Company’s shares of capital stock, including adjustments to the amount of dividends payable on the Company’s preferred stock; (k) the availability of equity capital and dilution to existing stockholders associated with the amendments to the 2020 Omnibus Incentive Plan; and (l) our ability to effect the reverse stock split, including the timing of actions to effect the reverse stock split.

Forward-looking statements are generally identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “plan,” “project,” “should” and other similar words and expressions, and are subject to numerous assumptions, risks and uncertainties, which change over time. Furthermore, forward-looking statements speak only as of the date on which they are made, and the Company assumes no obligation 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 may differ, possibly materially, from those anticipated in our statements, and our future performance may differ materially from our historical results.

Our forward-looking statements are subject to, among other things, the following principal risks and uncertainties: general economic conditions and trends, whether national or local; conditions in the securities, credit and financial markets; changes in interest rates; the inability of the Bank and JPMC to execute the definitive documentation contemplated by the commitment letter or to satisfy customary closing conditions; changes in deposit flows and demand for deposit, lending 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 provisions and reserves; changes in future requirements for allowances for credit losses 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 these strategies; changes to our strategic plan, including changes to our internal resources, systems and procedures, and our ability to successfully implement that plan; changes in competitive pressures among financial institutions or from non-financial institutions; changes in legislation, regulation and policies; the success of our blockchain and fintech-related activities, investments and strategic partnerships; the restructuring of our mortgage business; the impact of failures or disruptions or breaches of the Company’s or third parties’ operational or security systems, data or infrastructure, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, military conflicts (including Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of these conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and a variety of other matters that, 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 relating to our merger with Flagstar Bancorp, which was completed on December 1, 2022and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction: the possibility that the anticipated benefits of the transactions may 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 the acquired companies or the combined company; the diversion of management’s attention from ongoing operations and business opportunities; the possibility that the Company may not be able to realize the synergies and operating efficiencies expected in or as a result of the transactions in the expected time frame or at all; and revenues following the transactions may be less than anticipated. 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 initially expected or anticipated by us due to changes in our business strategy, the performance of the U.S. economy or changes in laws and regulations that affect us, our customers, the communities we serve and the U.S. economy (including, but not limited to, tax laws and regulations).

Further information regarding certain 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, 2019. December 31, 2023Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2024and in other SEC reports that we file. Our forward-looking statements may also be subject to other risks and uncertainties, including those we may discuss in this amendment, in investor presentations or in our other filings with the SEC, which are available on our website and on the SEC’s website, www.sec.gov.

Investor contact:
Salvatore J. DiMartino
(516) 683-4286

Media contact:
Steven Bodakowski
(248) 312-5872

SOURCE New York Community Bancorp, Inc.