Exhibit 99.1

       New York Community Bancorp, Inc. Announces Underwriters'
      Exercise of Over-allotment Option to Increase the Offering
                   of BONUSES Units to $275 Million

       WESTBURY, N.Y.--(BUSINESS WIRE)--Nov. 1, 2002--New York Community
Bancorp, Inc. (Nasdaq: NYCB) (the "Company") today announced that the
underwriters have exercised their over-allotment option to purchase an
additional 700,000 units of Bifurcated Option Note Unit SecuritiES
(BONUSES(SM) Units).
       As a result, the Company will issue a total of 5,500,000 BONUSES
Units, having a public offering price of $50.00 per unit, for net
proceeds to the Company of approximately $268 million, after deducting
underwriting discounts and commissions.
       Salomon Smith Barney Inc. is the sole book-running manager and
joint-lead manager with Lehman Brothers Inc. Managers are Bear,
Stearns & Co. Inc., Keefe, Bruyette & Woods, Inc., and Sandler O'Neill
& Partners, L.P. Copies of the prospectus supplement and the
accompanying prospectus relating to the offering may be obtained from
Salomon Smith Barney, 388 Greenwich Street, New York, New York 10013.
       New York Community Bancorp, Inc. is the $10 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 metropolitan 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.
       This press release is not an offer to buy nor shall there be any
sale of these securities in any state in which the offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.

        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,
deposit, and investment 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.

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