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                        EXHIBIT 99(c)   PRESS RELEASE



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FOR IMMEDIATE RELEASE


                                                Ilene A. Angarola
                                                Senior Vice President
                                                Investor Relations
                                                (516) 683-4420


                       NEW YORK COMMUNITY BANCORP, INC.
                    COMPLETES PUBLIC OFFERING OF 5,865,000
                      COMMON SHARES AT $29.00 PER SHARE


      Westbury, New York, May 14, 2002 -- New York Community Bancorp, Inc.
(Nasdaq: NYCB) today announced that it has completed the public offering of
5,865,000 shares of its common stock, which includes 765,000 shares sold
pursuant to the exercise of the underwriters' over-allotment option, at a public
offering price of $29.00 per share. All of the shares were offered for sale by
the Company.

      The Company realized total net proceeds from the offering of approximately
$167.2 million. The Company intends to use the net proceeds for general
corporate purposes, including equity contributions to New York Community Bank.

      Lehman Brothers and Salomon Smith Barney were the joint book-running
managers and joint lead managers together with Sandler O'Neill & Partners, L.P.
Co-managers for the offering were Advest, Inc., Janney Montgomery Scott LLC and
Keefe, Bruyette & Woods, Inc.

      New York Community Bancorp, Inc. is the $9.3 billion holding company for
New York Community Bank, and the eighth largest thrift in the nation, based on
market capitalization at March 31, 2002. The Bank serves its customers through a
network of 114 banking offices in New York City, Nassau, Suffolk, Rockland and
Westchester counties, and New Jersey, and operates through six divisions: Queens
County Savings Bank, Richmond County Savings Bank, CFS Bank, First Savings Bank
of New Jersey, Ironbound Bank, and South Jersey Bank. In addition to operating
the largest supermarket banking franchise in the metropolitan New York region,
with 60 in-store branches, the Bank is the second largest originator of
multi-family mortgage loans in New York City.

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS

This release contains certain forward-looking statements 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 Company intends 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 is including this statement for purposes of said safe harbor
provisions.

Forward-looking statements, which are based on certain assumptions, and describe
future plans, strategies, and expectations of the Company, are generally
identified by use of the words "plan," "believe," "expect," "intend,"
"anticipate," "estimate," "project," or other similar expressions. The Company's
ability to predict results or the actual effects of its plans and strategies are
inherently uncertain. Accordingly, actual results may differ materially from
anticipated results. Factors that could have a material adverse effect on the
operations of the Company and its subsidiaries include, but are not limited to,
changes in market interest rates, general economic conditions, legislation, and
regulation; changes in the monetary and fiscal policies of the U.S. Government,
including policies of the U.S. Treasury and the Federal Reserve Board; changes
in the quality or composition of the loan or investment portfolios; changes in
deposit flows, competition, and demand for financial services and loan products
in the Company's local markets; changes in local real estate values; changes in
accounting principles and guidelines; war or terrorist activities; and other
economic, competitive, governmental, regulatory, geopolitical, and technological
factors affecting the Company's operations, pricing, and services.

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 Company undertakes no obligation to update
these forward-looking statements to reflect events or circumstances that occur
after the date on which such statements were made.