FOR IMMEDIATE RELEASE
Contact: Ilene A. Angarola Contact: Kevin M. McCloskey
First Senior Vice President Senior Vice President
and Director, Investor Relations and Chief Operating Officer
New York Community Bancorp, Inc. Synergy Financial Group, Inc.
(516) 683-4420 (800) 693-3838, ext. 3292
NEW YORK COMMUNITY BANCORP, INC. AND SYNERGY FINANCIAL GROUP, INC.
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ANNOUNCE THE RECEIPT OF FDIC APPROVAL OF THE MERGER
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OF SYNERGY BANK WITH AND INTO NEW YORK COMMUNITY BANK
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Westbury, N.Y. and Cranford, N.J., August 13, 2007 - 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.
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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.
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Synergy Financial Group, Inc.
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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
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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
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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
nonoccurrence 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.