Exhibit 99.1


      New York Community Bancorp, Inc. Declares a $0.20 Per Share Dividend

    WESTBURY, N.Y.--(BUSINESS WIRE)--Oct. 23, 2002--New York Community
Bancorp, Inc. (Nasdaq: NYCB) today announced that its Board of
Directors has declared a quarterly cash dividend of $0.20 per share,
payable on November 15, 2002 to shareholders of record as of November
5, 2002.

    Earlier this month, the Company reported third quarter 2002 earnings of
$60.4 million, or $0.58 per diluted share, generating a 2.39% return on average
assets and a 19.74% return on average stockholders' equity. For the nine months
ended September 30, 2002, the Company reported earnings of $164.8 million, or
$1.61 per diluted share, generating an ROA of 2.25% and an ROE of 19.79%.

    New York Community Bancorp, Inc. is the $10.0 billion holding company for
New York Community Bank and the sixth largest thrift in the nation, based on
market capitalization. The Bank serves its customers through a network of 109
banking offices in New York City, Long Island, Westchester County, 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 metro New York region, with 54 in-store branches, the Bank is
the largest producer of multi-family mortgage loans for portfolio in New York
City. Additional information about the Company and its financial performance is
available at www.myNYCB.com.


    CONTACT: New York Community Bancorp, Inc., Westbury
             Investor Relations:
             Ilene A. Angarola, 516/683-4420