Exhibit 99.2

 New York Community Bancorp, Inc. Completes $275 Million Offering of
     BONUSES-SM Units of Trust Preferred Securities and Warrants

       WESTBURY, N.Y.--(BUSINESS WIRE)--November 4, 2002--New York
Community Bancorp, Inc. (Nasdaq: NYCB) (the "Company") today announced
that it has completed the public offering of 5,500,000 units of
Bifurcated Option Note Unit SecuritiES(SM) (BONUSES(SM) Units), which
includes 700,000 BONUSES units sold pursuant to the exercise of the
underwriters' over-allotment option, at a public offering price of $50
per share. The Company realized total net proceeds from the offering
of approximately $268 million.
       Each BONUSES unit consists of a trust preferred security issued by
a trust formed by the Company and a warrant to purchase 1.4036 shares
of common stock of the Company at an effective exercise price of
$35.62 per share. Each trust preferred security has a maturity of 49
years, with a coupon, or distribution rate, of 6.00% on the $50 per
security liquidation amount. The warrants and the preferred securities
are non-callable for five years.
       Salomon Smith Barney Inc. was the sole book-running manager and
Lehman Brothers Inc. was the joint-lead manager. Co-managers for the
offering were Bear, Stearns & Co. Inc., Keefe, Bruyette & Woods, Inc.,
and Sandler O'Neill & Partners, L.P.
       New York Community Bancorp, Inc. is the $10 billion holding
company for New York Community Bank, 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.

       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
             Senior Vice President
             Investor Relations
             (516) 683-4420