EXHIBIT 10.1



                                JOSEPH L. MANCINO
                              109 Tanners Pond Road
                           Garden City, New York 11530




                                                              October 6, 2005



Mr. R. Patrick Quinn
Executive Vice President, Chief Corporate Governance Officer
  and Corporate Secretary
New York Community Bancorp, Inc.
615 Merrick Avenue
Westbury, NY 11590

                  Re:      Retirement as Director
                           ----------------------

Dear Pat:

                  This will confirm that I am voluntarily resigning as a
director of New York Community Bancorp, Inc. ("NYB"), New York Community Bank
and New York Commercial Bank by reason of retirement. The resignations are
effective immediately.

                  In connection with my retirement, I understand and agree that
the Consulting Agreement made as of December 1, 2004 (the "Consulting
Agreement") by and among NYB, New York Community Bank ("NYCB") and me has been
terminated, other than its paragraph 3. Based on such termination, I am being
paid the accrued but unpaid monthly consulting fees and expenses due under the
Consulting Agreement through the date of such termination, plus $250,000.05,
representing the amount of such fees through the scheduled end of the Consulting
Period (as defined in the Consulting Agreement), as if the early termination had
not occurred, all in accordance with the terms of the Consulting Agreement.

                  As we agreed, you will provide me with copies of any insurance
policies procured by NYB that may insure me against any pending litigation or
any future claims that may be asserted against me in connection with my service
as an officer or director of NYB or its subsidiaries. For the avoidance of
doubt, by countersigning this letter below, NYB, on behalf of itself and its
banking subsidiaries, hereby releases me and covenants not to bring any legal
action against me based on any claim or cause of action for which
indemnification by NYB would be permitted under NYB's Charter or under Delaware
Business Corporation Law Section 145.







New York Community Bancorp, Inc.
October 6, 2005
Page 2



                  This release does not cover any claim for which no right of
indemnification by NYB would exist under the Charter or Delaware law. NYB will
file with the Securities and Exchange Commission a form 8-K disclosing, under
Items 1.01, 1.02 and 5.02(b), the entry into this letter agreement, the
termination of the Consulting Agreement and my resignation by reason of
retirement from NYB and its subsidiaries.

                  I recognize that I am required to maintain the confidentiality
of all business-related information about NYB and its subsidiaries and
affiliates (collectively, the "Company") and that this duty of confidentiality
continues in perpetuity even after the effective date of my retirement. In this
regard, I will not disclose any confidential information about the Company or
otherwise disparage it or issue any voluntary communication reflecting adversely
on it. Likewise, neither the Company nor any of its officers or directors will
disclose any confidential information about me or otherwise disparage me or
issue any voluntary communication that disparages me or relates to my
performance as a director and reflects adversely on me in any material way.
Obviously, the foregoing limitations on communications do not apply in providing
disclosures or testimony required by law or responding to any statements made by
me or the Company in contravention of the foregoing.

                  I also recognize and agree that the Noncompetition Agreement
dated as of June 27, 2003 among NYB, NYCB and me, as amended and extended by
Par. 3 of the Consulting Agreement, remains in full force and effect. I am aware
of my duties under such Noncompetition Agreement and represent that I am and
have been in compliance with that Agreement.

                  The signature of an authorized representative of NYB below
will constitute NYB's acknowledgement of receipt of this letter and acceptance
of its terms on behalf of the Company.

                  Please deliver this immediately to the appropriate person at
NYCB to give effect to my resignation.

                                                    Very truly yours,

                                                    /s/ Joseph L. Mancino
                                                    ---------------------
                                                    Joseph L. Mancino

Acknowledged and Accepted:

NEW YORK COMMUNITY BANCORP, INC
By: /s/ R. Patrick Quinn
- ------------------------
R. Patrick Quinn
Corporate Secretary