HIXWILL, New York, January 24, 2022 / PRNewswire / – New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company” or “NYCB”) and the National Community Investment Coalition (“NCRC”) today announced the Company’s commitment to provide $ 28 billion in loans, investments and other financial support to communities and people of color, low- and middle-income (LMI) families and communities, and small businesses. The Company’s Community Pledge Agreement (the “Agreement”) was developed with the NCRC and its members in conjunction with the Company ‘s pending merger with Flagstar Bancorp, Inc. (“Flagstar”). The Agreement is subject to the closure of the Flagstar merger.

(PRNewsfoto / New York Community Bancorp, Inc.)

(PRNewsfoto / New York Community Bancorp, Inc.)

The Agreement includes $ 22 billion Community borrowing and commitments for affordable housing and $ 6 billion home mortgages to underprivileged and LMI borrowers and in LMI and minority neighborhoods for a period of five years. These significant investments will cover both the communities already served by the Company and those to which it will be extended through the acquisition of Flagstar and further the positive impact of the community that our merger with Flagstar will have.

“In recent months, members of both the NYCB and Flagstar leadership teams have met with the NCRC and nearly 80 of its member organizations and have been humiliated by what they do for their communities,” he said. Thomas R. CangemiPresident, President and CEO of New York Community Bancorp, Inc. “This multi-year agreement reflects our commitment to provide greater financial opportunities for LMI communities and colored communities in both areas of our market and bridging the racial wealth gap that exists today.”

Added Sandro DiNelloPresident and CEO of Flagstar Bancorp, Inc., “Flagstar concludes this agreement with the impetus for an excellent CRA rating and a long history of investing in underprivileged communities. “Tribal wealth gap and the expansion of CRA initiatives into the wider footprint of our outstanding new company. We thank the NCRC leadership and its members for their hard work in implementing this agreement.”

Once the NYCB / Flagstar merger is closed, the merged entity will have $ 85 billion In terms of assets, it operates nearly 400 branches in nine states and 84 retail lending offices in 28 states, as well as a national mortgage lending platform.

“We appreciate the leadership and commitment of the NYCB to work with us and our members to build this impressive community agreement,” said Jesse Van Tol, President and CEO of the NCRC. “This project is a major commitment to increase investment, services and loans for low- and middle-income communities and colored neighborhoods where these banks operate. With this agreement, we have created a new product and innovation committee that we hope to lead to significant product offers and added a 40% increase in 5 years to loans and investments for Community development “.

The Agreement addresses a number of important areas of need in our communities identified during our meetings with the NCRC and its member organizations. These include, but are not limited to:

  • Affordable housing and mortgage: NYCB is committed to creating $ 5.7 billion loans for home purchases, refinancing, housing improvements and equity loans in mortgages to under-performing borrowers and LMI borrowers and in minority majority communities. The Company will also provide loan products or participate in affordable housing programs that meet the specific needs of LMI borrowers and create $ 10 million Advance payment fund to support home ownership for LMI borrowers.

  • The Continuation of Our Responsible Practices for Multi-Family Lending: NYCB is committed to promoting fair and responsible multi-family lending practices for all multi-family loans in its portfolio. These include practices designed to prevent harm to the community and protect tenants’ rights, such as relocation, for-profit investments, landlord control, lead paint reduction, and tenant approach programs.

  • Small Business Lending: NYCB will provide $ 542 million in loans to small businesses with less than $ 1 million revenue and LMI and majority-minority communities. In addition to creating loans directly to small businesses, the Company will also provide financing to non-profit organizations that help small businesses and provide grants to small businesses, including those affected by COVID-19.

  • Community Development Loans and Investments: The Company intends to invest $ 21.7 billion in community development loans and investments, including those meeting the needs of communities and private LMIs, and New Markets tax credit and low-income housing credit projects. As part of this, NYCB will invest in home ownership strategies and affordable housing with organizations and organizations that lead minorities facing housing issues in minority communities.

  • Charity: The NYCB will commit $ 16.5 million in charitable support to non-profit organizations that meet the needs of the LMI and majority-minority communities and individuals. This includes support for minority-led organizations and non-profit organizations serving immigrant and refugee communities, housing advice, exclusion prevention, and workforce development.

  • Access to banking products and services: As a result of the merger with Flagstar, NYCB has no plans to close any branches, including LMI branches or minority majority communities. In addition, the Bank will seek to maintain a diverse and inclusive workforce that reflects the demographics of the communities it serves and will seek to maintain its practice of staffing branches of people living in the same communities who know the language spoken. their communities. The NYCB will also prioritize employment opportunities in local communities. The Company will continue to offer banking products and services to financially disadvantaged communities and individuals, including access to Bank On’s Simply One certified product.

Additional initiatives include financial education programs for seniors, adults, children and small businesses, a variety of suppliers and age-friendly banking services.

Mr Cangemi added: “We believe this important and groundbreaking commitment will benefit all the communities we currently serve and the newer communities we intend to serve as soon as our merger with Flagstar is completed. I would also like to thank Jesse. Van Tol and his team at the NCRC for their leadership and guidance during this process. “

About New York Community Bancorp, Inc.
Based in Hicksville, New YorkNew York Community Bancorp, Inc. is a leading producer of multi-family loans in non-luxury, rent-adjustable apartment buildings in New York, and the parent of the New York Community Bank. On September 30, 2021, the Company reported its assets $ 57.9 billionhis loans $ 43.7 billiondeposits of $ 34.6 billionand its own funds $ 7.0 billion.

Reflecting our growth through a series of acquisitions, the Company operates 236 branches through eight local divisions, each with service history and strength: Queens County Savings Bank, Roslyn Savings Bank, Richmond County Savings Bank, Roosevelt Savings Bank and Atlantic Bank in New York; Garden State Community Bank at New Jersey; Ohio Savings Bank at Ohio; and AmTrust Bank at Florida and Arizona.

About the National Community Investment Coalition
The National Community Reinvestment Coalition and its member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to support banking, housing and business justice. The NCRC was established in 1990 by national, regional and local agencies to increase the flow of private capital to traditionally under-served communities. The NCRC has grown into an association of more than 60 community-based organizations in 42 states promoting access to basic banking, affordable housing, entrepreneurship, job creation, and vibrant communities for working-class families in America. More can be found at:

Investor / Media:

Salvatore J. DiMartino

(516) 683-4286



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SOURCE New York Community Bancorp, Inc.

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