Exhibit 99.1


                        New York Community Bancorp, Inc.
         Announces 5.0 Million Share Repurchase Authorization

    WESTBURY, N.Y.--(BUSINESS WIRE)--Nov. 13, 2002--New York Community
Bancorp, Inc. (Nasdaq: NYCB) today announced that its Board of
Directors has authorized the repurchase of up to an additional 5.0
million shares of the Company's outstanding common stock.
    Share repurchases will commence upon completion of the share repurchase
authorized by the Board on February 19, 2002, under which approximately 170,000
shares remained available for repurchase at the close of business yesterday.
    The current share repurchase authorization is the Company's fifteenth since
October 1994. As in the past, shares will be repurchased through open market or
negotiated transactions and will be held by the Company as Treasury stock. The
number of shares repurchased and the timing of such transactions will depend
upon market conditions and the implementation of other value-enhancing corporate
strategies.

    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