Synergy Financial (NASDAQ:SYNF)
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From Sep 2019 to Sep 2024
New York Community Bancorp, Inc. (NYSE: NYB), the holding company for
New York Community Bank and New York Commercial Bank, and Synergy
Financial Group, Inc. (NASDAQ/Global Market: SYNF) (“Synergy”),
the holding company for Synergy Bank, today announced that the Federal
Deposit Insurance Corporation (the “FDIC”)
has approved the merger of Synergy Bank with and into New York Community
Bank.
New York Community Bancorp is currently expected to acquire Synergy
early in the fourth quarter of 2007, subject to the receipt of certain
other regulatory agency approvals and the approval of Synergy’s
shareholders at a special meeting to be held on September 18, 2007. The
merger of Synergy Bank with and into New York Community Bank is expected
to be completed immediately following the acquisition of Synergy by New
York Community Bancorp.
The acquisition is expected to add 21 branches to New York Community
Bancorp’s franchise in New Jersey,
strengthening its presence in the central New Jersey counties of
Middlesex, Monmouth, and Union, and extending its franchise into Mercer
County.
New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the $29.6 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.
With 159 offices serving New York City, Long Island, and Westchester
County in New York and Essex, Hudson, Union, Monmouth, Middlesex, and
Ocean Counties in New Jersey, New York Community Bank is the fourth
largest thrift depository in the New York metropolitan region, and
operates through eight local divisions: Queens County Savings Bank,
Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings
Bank, CFS Bank, First Savings Bank of New Jersey, Ironbound Bank, and
Penn Federal Savings Bank. New York Commercial Bank has 38 branches
serving Manhattan, Queens, Brooklyn, Westchester County, and Long
Island, including 19 branches of Atlantic Bank. Additional information
about New York Community Bancorp, Inc. and its bank subsidiaries is
available at www.myNYCB.com and www.NewYorkCommercialBank.com.
Synergy Financial Group, Inc.
Synergy Financial Group, Inc. is the $932.5 million holding company for
Synergy Bank and Synergy Financial Services, Inc. The Company provides a
diversified line of products and financial services to individuals and
small to mid-size businesses through a network of 20 branch offices
located in Middlesex, Monmouth, and Union Counties in New Jersey. An
additional branch office is scheduled to open in Mercer County later
this month. Additional information about Synergy Financial Group, Inc.
and its subsidiaries is available at www.synergyonthenet.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities. New York Community
Bancorp, Inc. has filed a registration statement containing a proxy
statement/prospectus that has been sent to Synergy’s
stockholders, and other relevant documents concerning the proposed
transaction, with the U.S. Securities and Exchange Commission (the “SEC”).
Synergy has filed, and will continue to file, relevant documents
concerning the proposed transaction with the SEC. WE URGE INVESTORS TO
READ THE REGISTRATION STATEMENT CONTAINING THE PROXY
STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors will be able to obtain these documents free of charge at the
SEC’s web site (www.sec.gov).
In addition, documents filed with the SEC by New York Community Bancorp,
Inc. are available free of charge from the Investor Relations
Department, New York Community Bancorp, Inc., 615 Merrick Avenue,
Westbury, New York 11590. Documents filed with the SEC by Synergy are
available free of charge from the Corporate Secretary, Synergy Financial
Group, Inc., 310 North Avenue East, Cranford, New Jersey 07016.
The directors, executive officers, and certain other members of
management of Synergy Financial Group, Inc. may be soliciting proxies in
favor of the transaction from Synergy’s
shareholders. For information about these directors, executive officers,
and members of management, please refer to the proxy
statement/prospectus that has been sent to Synergy’s
stockholders, which is available on its web site and on the SEC’s
web site and at the address provided in the preceding paragraph.
Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995
This release, like many written and oral communications presented by
New York Community Bancorp, Inc. and Synergy Financial Group, Inc. (the “Companies”)
and their 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. The
Companies 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,
may be identified by their reference to future periods and include,
without limitation, those statements relating to the anticipated effects
of the transaction between the Companies. The following factors,
among others, could cause the actual results of the transaction and the
expected benefits of the transaction to the combined company and to the
Companies’ shareholders, to differ materially
from the expectations stated in this release: the ability of the
Companies to consummate the transaction; a materially adverse change in
the financial condition or results of operations of either company; 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
transaction; and the ability to realize the related revenue synergies
and cost savings within the expected time frames.
In addition, factors that could cause the actual results of the
transaction to differ materially from current expectations include, but
are not limited to, general economic conditions and trends,
either nationally or in some or all of the areas in which the Companies
and their customers conduct their respective businesses; conditions in
the securities markets or the banking industry; changes in interest
rates, which may affect the Companies’ net
income, the level of prepayment penalties, and other future cash flows,
or the market value of their assets; changes in deposit flows, and in
the demand for deposit, loan, and investment products and other
financial services in the Companies’ local
markets; changes in the financial or operating performance of the
Companies’ customers’
businesses; changes in real estate values, which could impact the
quality of the assets securing the Companies’
loans; changes in the quality or composition of the Companies’
loan or investment portfolios; changes in competitive pressures among
financial institutions or from non-financial institutions; changes in
the customer base of either company; potential exposure to unknown or
contingent liabilities of companies targeted by New York Community
Bancorp, Inc. for acquisition; the Companies’
timely development of new lines of business and competitive products or
services in a changing environment, and the acceptance of such products
or services by the Companies’ customers; any
interruption or breach of security resulting in failures or disruptions
in customer account management, general ledger, deposit, loan, or other
systems; the outcome of pending or threatened litigation or of other
matters before regulatory agencies, or of matters resulting from
regulatory exams, whether currently existing or commencing in the
future; environmental conditions that exist or may exist on properties
owned by, leased by, or mortgaged to the Companies; changes in estimates
of future reserve requirements based upon the periodic review thereof
under relevant regulatory and accounting requirements; changes in
banking, securities, tax, environmental, and insurance law, 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; operational issues
stemming from and/or capital spending necessitated by the potential need
to adapt to industry changes in information technology systems, on which
the Companies 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 Companies’ operations,
pricing, and services. Additionally, the timing and occurrence or
non-occurrence of events may be subject to circumstances beyond the
Companies’ 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 required by applicable law or regulation, the
Companies disclaim any obligation to update any forward-looking
statements.