Exhibit 99.1

New York Community Bancorp, Inc. Announces Redemption of Statutory Trust II
Floating Rate Trust Preferred Securities

     WESTBURY, N.Y.--(BUSINESS WIRE)--Nov. 13, 2006--New York Community Bancorp,
Inc. (NYSE: NYB) (the "Company") today announced that New York Community
Statutory Trust II ("Statutory Trust II"), a wholly-owned subsidiary of the
Company, will redeem all $50.3 million of its floating rate trust preferred
securities (the "Statutory Trust II Securities") on December 28, 2006 (the
"Redemption Date").

     The redemption price for each of the Statutory Trust II Securities will
equal the $1,000 liquidation amount, plus all accrued and unpaid distributions
per security to the Redemption Date. All distributions accruing on the Statutory
Trust II Securities will cease to accrue effective on the Redemption Date.
Wilmington Trust Company, as property trustee of Statutory Trust II, will notify
holders of the Statutory Trust II Securities of the redemption.

     Last month, the Company announced that it will redeem all $36.0 million of
its NYCB Capital Trust I floating rate trust preferred securities and all $35.0
million of its New York Community Statutory Trust I floating rate trust
preferred securities, on December 8, 2006 and December 18, 2006, respectively.

     The Company currently expects to fund the redemptions with proceeds of a
new issue of trust preferred securities before the respective redemption dates.

     New York Community Bancorp, Inc. is the $28.9 billion holding company for
New York Community Bank and New York Commercial Bank, and the leading producer
of multi-family loans for portfolio in New York City. A New York State-chartered
savings bank with 137 offices serving New York City, Long Island, Westchester
County, and northern New Jersey, New York Community Bank is the third largest
thrift depository in the New York metropolitan region, and operates through
seven local 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. A New York State-chartered commercial bank, New York
Commercial Bank currently has 29 branches serving Manhattan, Queens, Brooklyn,
Westchester County, and Long Island. Additional information about New York
Community Bancorp, Inc. and its bank subsidiaries is available at
www.myNYCB.com.

     Forward-looking Statements and Associated Risk Factors

     This release, like other written and oral communications presented by the
Company and our authorized officers, may contain certain forward-looking
statements regarding our 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. We 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 our future plans, strategies, and expectations, are generally
identified by use of the words "anticipate," "believe," "estimate," "expect,"
"intend," "plan," "project," "seek," "strive," "try," or future or conditional
verbs such as "will," "would," "should," "could," "may," or similar expressions.
Our ability to predict results or the actual effects of our plans or strategies
is inherently uncertain. Accordingly, actual results may differ materially from
anticipated results.

     There are a number of factors, many of which are beyond our control, that
could cause actual conditions, events, or results to differ significantly from
those described in our forward-looking statements. These factors include, but
are not limited to, general economic conditions and trends, either nationally or
locally in some or all of the areas in which we and our customers conduct our
respective businesses; conditions in the securities markets or the banking
industry; changes in interest rates, which may affect our net income, future
cash flows, or the market value of our assets; changes in banking, securities,
tax, environmental, and insurance laws, regulations, and policies, and the
ability to comply with such changes in a timely manner; changes in accounting
principles, policies, practices, 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,
and geopolitical factors affecting our operations, pricing, and services.
Additionally, the timing and occurrence or non-occurrence of events may be
subject to circumstances beyond our control.

     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 may be
required by applicable law or regulation, the Company disclaims any obligation
to update any forward-looking statements.


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