Long Island Financial (NASDAQ:LICB)
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The acquisition of Long Island Financial Corp.
(NASDAQ/NMS: LICB) ("Long Island Financial") by New York Community
Bancorp, Inc. (NYSE: NYB) was approved today at a special meeting of
Long Island Financial shareholders.
Earlier this month, the acquisition was approved by the New York
State Banking Department. Pending the approval of the Board of
Governors of the Federal Reserve System, the acquisition is expected
to be completed during the current quarter. Upon completion, Long
Island Financial will merge with and into New York Community Bancorp,
Inc. and Long Island Commercial Bank ("LICB"), the primary subsidiary
of Long Island Financial, will operate as a subsidiary of New York
Community Bancorp, Inc. under the name "New York Commercial Bank."
Commenting on the receipt of shareholder approval, New York
Community Bancorp, Inc. President and Chief Executive Officer Joseph
R. Ficalora stated, "We appreciate the resounding support that the
shareholders of Long Island Financial have conveyed with their votes
for the acquisition, and look forward to serving them as shareholders
of New York Community. The addition of LICB's commercial banking
platform to our traditional community banking platform will expand our
reach in the New York metro region, enabling us to serve a broader,
and more diverse, customer base. By enhancing our mix of assets and
increasing our core deposits, we believe that this acquisition will
position us well for the future, enhancing both our franchise and our
earnings capacity."
Commenting at Long Island Financial's special meeting of
stockholders, President and Chief Executive Officer Douglas C.
Manditch stated, "While we close this chapter, we look forward with
great anticipation to reaching much greater heights with the
additional resources that New York Community Bancorp will provide. We
believe that our shareholders will continue to achieve greater value,
that our customers will continue to be well served through the
expanded franchise, and that our employees will continue to be
recognized for their efforts and dedication."
Upon completion of the acquisition, Mr. Manditch will serve as
Senior Executive Vice President and Chief Operating Officer of New
York Commercial Bank.
New York Community Bancorp, Inc. is the holding company for New
York Community Bank, the fifth largest thrift in the nation, with
total assets of $25.0 billion at September 30, 2005. The Bank serves
its customers through a network of 141 banking offices in New York
City, Long Island, Westchester County, and northern 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. The
Bank is the leading producer of multi-family mortgage 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.
Long Island Financial Corp. is the $532.8 million holding company
for Long Island Commercial Bank, a New York State-chartered commercial
bank providing commercial and consumer banking services through twelve
branch offices in Suffolk, Nassau, and Kings Counties, with an
emphasis on personal service and responsiveness to the needs of its
customers. Additional information about the company and its financial
performance is available at www.licb.com.
Forward-looking Statements and Associated Risk Factors
This release, like other written and oral communications presented
by the Company and its authorized officers, 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 "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. The
Company's ability to predict results or the actual effects of its
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 the
Company's control, that could cause actual conditions, events, or
results to differ significantly from those described in the
forward-looking statements. These factors include, but are not limited
to, general economic conditions, either nationally or locally in some
or all of the areas in which we conduct our business; conditions in
the securities markets or the banking industry; changes in interest
rates, which may affect our net income or future cash flows; changes
in deposit flows, and in the demand for deposit, loan, and investment
products and other financial services in our local markets; changes in
real estate values, which could impact the quality of the assets
securing our loans; changes in the quality or composition of the loan
or investment portfolios; changes in competitive pressures among
financial institutions or from non-financial institutions; the ability
to successfully integrate any assets, liabilities, customers, systems,
and management personnel we may acquire into our operations and our
ability to realize related revenue synergies and cost savings within
expected time frames; the Company's timely development of new and
competitive products or services in a changing environment, and the
acceptance of such products or services by our customers; the outcome
of pending or threatened litigation or of other matters before
regulatory agencies, whether currently existing or commencing in the
future; changes in accounting principles, policies, practices, or
guidelines; changes in legislation and regulation; operational issues
and/or capital spending necessitated by the potential need to adapt to
industry changes in information technology systems, on which we are
highly dependent; 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 the Company's operations, pricing, and services.
Additionally, the timing and occurrence or non-occurrence of events
may be subject to circumstances beyond the Company's control.
In addition, the following factors, among others, could cause the
actual results of the transactions with Long Island Financial Corp.
and Atlantic Bank of New York to differ materially from the
expectations stated in this release: the ability of the companies
involved to obtain the required regulatory approvals; the ability of
the companies involved to consummate the transactions; a materially
adverse change in the financial condition of New York Community
Bancorp, Inc., Long Island Financial Corp., or Atlantic Bank of New
York; the ability of New York Community Bancorp, Inc. to successfully
integrate the assets, liabilities, customers, systems, and any
management personnel it may acquire into its operations pursuant to
the transactions; and the ability to realize the related revenue
synergies and cost savings within the expected time frames.
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.