Exhibit 99.1

   New York Community Bancorp, Inc. Declares a 4-for-3 Stock Split; Nine Stock
                           Splits Declared Since 1994

    WESTBURY, N.Y.--(BUSINESS WIRE)--Jan. 15, 2004--New York Community
Bancorp, Inc. (NYSE: NYB) today announced that its Board of Directors
has declared a four-for-three stock split in the form of a 33-1/3%
stock dividend, to be paid on February 17, 2004 to shareholders of
record at the close of business on February 2, 2004. Shareholders will
receive one additional share of New York Community Bancorp, Inc. stock
for every three shares held, and cash in lieu of fractional shares
based on the average of the high and low trading price on the record
date, as adjusted for the split.
    Commenting on the stock split, President and Chief Executive
Officer Joseph R. Ficalora stated, "Once again, the Company's
commitment to enhancing share value has been vividly conveyed by the
actions of our Board. With our stock price having reached a 52-week
high of $40.22, we declared what is now our ninth stock split in ten
years as a stock-form institution, and the second split we've declared
in the last nine months alone. The value of our shares has grown 54%
since May 21st, when our last stock split was completed and 48% since
we announced our merger with Roslyn Bancorp, Inc. on the 27th of June.
In the past twelve months, our shareholders have received a 92% total
return on their investment, assuming the reinvestment of their
quarterly cash dividends. Going back to our IPO, the total return on
investment amounts to a rather significant 4,016%.
    "In the coming year, we look forward to building on our record of
enhancing shareholder value and to recording a meaningful level of
asset and earnings growth," Mr. Ficalora said. "We look forward to
updating our 2004 diluted EPS projections when we issue our full-year
2003 earnings release later on this month."
    New York Community Bancorp, Inc. is the holding company for New
York Community Bank, and the third largest thrift in the nation, based
on current market capitalization. The Bank currently serves its
customers through a network of 139 banking offices in New York City,
Long Island, Westchester County, and New Jersey, and operates through
seven community divisions: Queens County Savings Bank, Roslyn Savings
Bank, Richmond County Savings Bank, Roosevelt Savings Bank, CFS Bank,
First Savings Bank of New Jersey, and Ironbound Bank. In addition to
operating the largest supermarket banking franchise in the New York
metropolitan region, with 52 in-store branches, the Bank is one of the
leading producers of multi-family mortgage loans in New York City.
Additional information about the Company is available at
www.myNYCB.com.

    Forward-looking Statements and Associated Risk Factors

    This release, and other written materials and oral statements that
may be made by management, may contain certain forward-looking
statements regarding the Company's 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 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, including its recent
merger with Roslyn Bancorp, Inc., 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 to successfully integrate the
companies following the merger, including integration of information
systems and retention of key personnel; the ability to effect the
proposed balance sheet restructuring; 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.
    Additional 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 general economic conditions; interest
rates, deposit flows, loan demand, real estate values, competition,
and demand for financial services and loan, deposit, and investment
products in the Company's local markets; changes in the quality or
composition of the loan or investment portfolios; changes in
accounting principles, policies, or guidelines; changes in 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; war or terrorist activities; and other
economic, competitive, governmental, regulatory, geopolitical, and
technological factors affecting the Company's operations, pricing, and
services.
    Specific factors that could cause future results to vary from
current management expectations are detailed from time to time in the
Company's SEC filings, which are available at the Company's web site,
www.myNYCB.com.
    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