Exhibit 99.1

     New York Community Bancorp, Inc. Completes Follow-on Offering of 10.125
                         Million Shares of Common Stock

    WESTBURY, N.Y.--(BUSINESS WIRE)--Jan. 30, 2004--New York Community
Bancorp, Inc. (NYSE: NYB) (the "Company") today announced that it has
completed its follow-on offering of 10,125,000 shares of common stock.
    The offering, which was underwritten by Bear Stearns, generated
net proceeds of approximately $400 million and is approximately 40%
accretive to the Company's year-end 2003 tangible stockholders' equity
and tangible book value per share. Reflecting the additional capital,
the Company's tangible stockholders' equity at December 31, 2003
increases from $851 million to $1,251 million; its tangible book value
per share increases from $4.53 to $6.32 at the same date.

    New York Community Bancorp, Inc. is the $23.4 billion holding
company for New York Community Bank and the third largest thrift in
the nation, based on current market capitalization. The Company
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 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 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.


    CONTACT: New York Community Bancorp, Inc.
             Investor Relations:
             Ilene A. Angarola, 516-683-4420