EXHIBIT 99.1

New York Community Bancorp, Inc. Announces NYS Banking Board Approval
of Limited-Purpose Commercial Bank; Queens Branch Receives the Bank's
First Municipal Deposits in Connection with its Designation as a
Banking Development District Branch

    WESTBURY, N.Y.--(BUSINESS WIRE)--June 7, 2005--

    Bank Receives New Markets Federal Tax Credit for Real Estate
Financing in Low-Income Communities

    New York Community Bancorp, Inc. (NYSE:NYB), the holding company
for New York Community Bank and the third largest thrift depository in
the New York metropolitan region, today announced that its application
to establish a limited-purpose commercial bank has been approved by
the New York State Banking Board.
    In addition, the Company announced the receipt of its first
municipal deposits, in connection with the New York State Banking
Department's designation of one of its Queens-based branches as a
"Banking Development District Branch." The Bank will hold a
ribbon-cutting ceremony celebrating the designation on June 20, 2005.
    Commenting on these events, President and Chief Executive Officer
Joseph R. Ficalora stated, "We are very pleased by the Banking
Department's approval of our application for banking development
district status and by the Banking Board's approval of our application
to establish a limited-purpose commercial bank. Under New York State
Banking Law, New York State-chartered savings banks are precluded from
gathering public funds such as municipal deposits. While the Banking
Development District Branch designation has now enabled us to accept
certain public funds at one of our Queens locations, the
limited-purpose commercial bank will enable us to accept a wider
variety of public funds."
    "Establishing a limited-purpose commercial bank is just one of
many steps we are taking to increase and diversify our deposit base,"
Mr. Ficalora said. "With 143 branches spanning the New York
metropolitan region, we are well positioned to meet the banking needs
of those who live and work in New York City and the surrounding
suburban communities. We have the second largest share of thrift
deposits in Nassau, Queens, and Richmond Counties, and offer 60 to 70
hours per week of in-branch banking services.
    "Another important attribute is the fiscal strength of our
institution," Mr. Ficalora noted. "Our 2004 financial performance was
recently identified as the best among all U.S. thrifts with assets in
excess of $1.0 billion, on an operating basis, representing the ninth
consecutive year in which our performance was so recognized. In
addition, the recent decision by Moody's to confirm the Company's
ratings and those of the Bank is further indication of our fiscal
soundness and stability.
    "We're also very excited by the U.S. Treasury Department's
announcement that New York Community Bank has received a $42.0 million
allocation under the New Markets Tax Credit Program, a federal program
designed to finance community development, stimulate economic growth,
and create jobs in the nation's low-income communities," Mr. Ficalora
said.
    New York Community Bancorp, Inc. is the holding company for New
York Community Bank and the fourth largest thrift in the nation, with
assets of $24.6 billion at March 31, 2005. The Bank serves its
customers through 143 banking offices in New York City, Long Island,
Westchester County, and northern New Jersey, which operate through
seven divisional banks: Queens County Savings Bank, Roslyn Savings
Bank, Richmond County Savings Bank, CFS Bank, Roosevelt Savings Bank,
First Savings Bank of New Jersey, and Ironbound Bank. The Bank is the
leading producer of multi-family loans for portfolio in New York City
and the third largest thrift depository in the New York metropolitan
region. Additional information about the Company is available at
www.myNYCB.com.

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