AN IMPORTANT NOTE TO OUR CLIENTS:

We are pleased to announce that on March 20, 2023,  Flagstar Bank, N.A (“Flagstar”), the wholly owned subsidiary  of New York Community Bancorp Inc. (“NYCB”), Hicksville, New York, acquired $12.9 billion of our loans and assumed $38.4 billion in deposits . Flagstar also acquired all of our branches, which are now operated under the Flagstar name. This announcement is a significant advantage to you and your business, as it highlights a partnership of like-minded, client-forward institutions. This transaction provides significant diversification and strength needed in today’s banking system while further advancing NYCB and Flagstar’s strategic plan to transition to a commercial bank model. It also unites the key assets of two banks with complementary strategies to create a commercial bank powerhouse.

With this transaction, Flagstar will be one of the largest commercial banks in the country, with a fortress-like balance sheet, strong liquidity, and excellent asset quality metrics. The regulatory approval of the acquisition clearly reflects the strength of the combined institution.

You will continue to be serviced by your Private Client Group in the same client-centric single-point-of-contact strategy that we have been known for over the last two decades. We appreciate there have been many challenges to overcome and we anticipate getting back to business as usual in short order.

Sincerely,

Thomas R. Cangemi
President & Chief Executive Officer, New York Community Bancorp Inc.

Eric R. Howell
Flagstar Bank