New York Community says Flagstar Deal won’t Close Until 2022
Industry Update
October 27, 2021
Source: American Banker
New York Community Bancorp no longer expects to complete its pending bank acquisition this year.
The Long Island-based company doesn’t anticipate that state and federal regulators will approve its $2.6 billion deal to buy Flagstar Bancorp in Troy, Michigan, before the end of the year, Chairman and CEO Thomas Cangemi told analysts Wednesday.
Instead, the $57.9 billion-asset bank now expects to finalize the acquisition sometime next year. Announced in April, the deal must receive the thumbs-up from the New York State Department of Financial Services, the Federal Deposit Insurance Corp. and the Federal Reserve.
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