Form 8-K NEW YORK COMMUNITY BANCO For: Oct 24
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 24, 2018
NEW YORK COMMUNITY BANCORP, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-31565 | 06-1377322 | ||
| (State or other jurisdiction of incorporation or organization) | Commission File Number | (I.R.S. Employer Identification No.) |
615 Merrick Avenue, Westbury, New York 11590
(Address of principal executive offices)
(516) 683-4100
(Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
CURRENT REPORT ON FORM 8-K
| ITEM 8.01: | Other Events |
On October 24, 2018, the Company announced that its Board of Directors approved a $300 million common share repurchase program and plans to issue up to $300 million of subordinated debt.
| ITEM 9.01: | Financial Statements and Exhibits |
| (d) | Attached as Exhibit 99.1 is the news release issued by the Company on October 24, 2018 announcing a capital optimization plan. |
EXHIBIT INDEX
| Exhibit Number | Description |
| Exhibit 99.1 | News release issued by the Company on October 24, 2018. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 24, 2018 | NEW YORK COMMUNITY BANCORP, INC. | |
| /s/ Salvatore J. DiMartino | ||
| Salvatore J. DiMartino | ||
| First Senior Vice President and Director, | ||
| Investor Relations, and Strategic Planning | ||
New York Community Bancorp, Inc. Announces Capital Optimization Plan
Board of Directors Approves a $300 Million Common Share Repurchase Program
WESTBURY, N.Y., Oct. 24, 2018 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") today announced that its Board of Directors has approved the repurchase of $300 million of the Company's outstanding common stock. The program will be funded by a planned issuance of up to $300 million of subordinated debt.
Commenting on the approval, President and Chief Executive Officer, Joseph R. Ficalora stated, "We are extremely pleased that the Board of Directors has approved us repurchasing our common stock. As we have communicated to the investment community recently, at this time, the best acquisition we can make is of our own shares. The plan has been approved by our regulators and is consistent with our overall capital planning process. It will be accretive to earnings per share, improve our return on equity, and accelerate our internal capital generation. Furthermore, it will have no impact on our total capital ratios or our CRE concentration levels."
About New York Community Bancorp, Inc.
Based in Westbury, NY, New York Community Bancorp, Inc. is a leading producer of multi-family loans on non-luxury, rent-regulated apartment buildings in New York City, and the parent of New York Community Bank and New York Commercial Bank. At September 30, 2018, the Company reported assets of $51.2 billion, loans of $39.8 billion, deposits of $30.3 billion, and stockholders' equity of $6.8 billion.
Reflecting our growth through a series of acquisitions, the Community Bank operates 223 branches through seven local divisions, each with a history of service and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, and Roosevelt Savings Bank in New York; Garden State Community Bank in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona, while the Commercial Bank operates 18 of its 30 New York-based branches under the divisional name Atlantic Bank. Additional information about the Company and its bank subsidiaries is available at www.myNYCB.com and www.NewYorkCommercialBank.com.
Investor/Media Contact:
Salvatore J. DiMartino
(516) 683-4286