Exhibit 99.1

 New York Community Bancorp, Inc. BONUSES -SM- Units Commence Trading
               on the NYSE under the Symbol ``NYB PrU''


    WESTBURY, N.Y.--(BUSINESS WIRE)--May 5, 2003--New York Community
Bancorp, Inc. (NYSE: NYB) announced that its Bifurcated Option Note
Unit SecuritiES(SM) (BONUSES(SM)) units will commence trading today on
the New York Stock Exchange under the symbol "NYB PrU".
    The BONUSES units combine a trust preferred security with a
warrant to purchase the common stock of the Company, and were
originally issued on November 4, 2002.
    New York Community Bancorp, Inc. is the $12.0 billion holding
company for New York Community Bank and the sixth largest thrift in
the nation, based on current market capitalization. The Bank serves
its customers through 110 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 leading 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.
             Ilene A. Angarola, 516/683-4420
             First Senior Vice President