Exhibit 99.1


Merger of New York Community Bancorp, Inc. and Roslyn Bancorp, Inc.
Receives New York State Banking Department Approval

    WESTBURY, N.Y. & JERICHO, N.Y.--(BUSINESS WIRE)--Oct. 2, 2003--New
York Community Bancorp, Inc. (NYSE:NYB) and Roslyn Bancorp, Inc.
(Nasdaq:RSLN) today announced that the New York State Banking
Department has approved the merger of the two companies, thus
concluding the regulatory approval process for the merger.
    The companies announced last week that they had received the
necessary regulatory clearances for the merger from the U.S.
Securities and Exchange Commission, the Federal Reserve Bank of New
York, and the Federal Deposit Insurance Corporation.
    The companies are currently in the process of seeking shareholder
approval of the merger, and will each hold a Special Meeting of
Shareholders on October 29, 2003. Subject to shareholder approval on
that date, the merger of Roslyn Bancorp with and into New York
Community Bancorp is expected to take place at the close of business
on October 31, 2003.
    New York Community Bancorp, Inc. is the $12.4 billion holding
company for New York Community Bank and the fifth largest thrift in
the nation, based on current market capitalization. The Company
currently serves its customers through a network of 108 banking
offices in New York City, Long Island, Westchester County (New York),
and New Jersey, and operates through six community 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
New York metro region, with 52 in-store branches, the Bank is one of
the leading producers of multi-family loans in New York City.
Additional information about the Company and its financial performance
is available at www.myNYCB.com.
    Roslyn Bancorp, Inc. is the $10.8 billion holding company for The
Roslyn Savings Bank and is among the five largest publicly traded
thrift institutions in New York. The Bank operates 39 full service
branches throughout Nassau and Suffolk counties on Long Island and the
New York City boroughs of Brooklyn, Queens, and the Bronx. Additional
information about the Company is available at www.roslyn.com.
    New York Community Bancorp and Roslyn Bancorp have filed a joint
proxy statement/prospectus and other relevant documents concerning the
merger with the United States Securities and Exchange Commission (the
"SEC"). WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS
SENT TO THEM AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC,
BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
    Investors will be able to obtain these documents free of charge at
the SEC's web site (www.sec.gov). In addition, documents filed with
the SEC by New York Community Bancorp will be available free of charge
from the Investor Relations Department at New York Community Bancorp,
Inc., 615 Merrick Avenue, Westbury, NY 11590. Documents filed with the
SEC by Roslyn Bancorp will be available free of charge from the
Investor Relations Department at Roslyn Bancorp, Inc., One Jericho
Plaza, Jericho, NY 11753.
    The directors, executive officers, and certain other members of
management of New York Community Bancorp and Roslyn Bancorp may be
soliciting proxies in favor of the merger from the companies'
respective shareholders. For information about these directors,
executive officers, and members of management, shareholders are asked
to refer to the most recent proxy statements issued by the respective
companies, which are available on their respective web sites
(www.myNYCB.com and www.roslyn.com) and at the addresses provided in
the preceding paragraph.

    Forward-looking Statements and Associated Risk Factors

    This release, and other written material, and statements
management may make, may contain certain forward-looking statements
regarding the companies' prospective performance and strategies 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 companies intend 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 are
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
companies, are generally identified by use of the words "plan,"
"believe," "expect," "intend," "anticipate," "estimate," "project," or
other similar expressions. The companies' ability to predict results
or the actual effects of their plans and strategies, including the
proposed merger, is inherently uncertain. Accordingly, actual results
may differ materially from anticipated results.
    The following factors, among others, could cause the actual
results of the merger to differ materially from the expectations
stated in this release: the ability of the companies to obtain the
required shareholder approvals of the merger; the ability to effect
the proposed restructuring; the ability of the companies to consummate
the merger; the ability to successfully integrate the companies
following the merger; a materially adverse change in the financial
condition of either company; the ability to fully realize the expected
cost savings and revenues; and the ability to realize the expected
cost savings and revenues on a timely basis.
    Factors that could have a material adverse effect on the
operations of the companies and their subsidiaries include, but are
not limited to, a change in economic conditions; changes in interest
rates, deposit flows, loan demand, real estate values, and
competition; changes in accounting principles, policies, or
guidelines; changes in legislation and regulation; and other economic,
competitive, governmental, regulatory, geopolitical, and technological
factors affecting the companies' operations, pricing, and services.
    The companies undertake 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
              or
             Roslyn Bancorp, Inc.
             Mary M. Feder, 516-942-6150