By Dan Trudeau
New York Community Bancorp, parent of Queens County Savings Bank, announced Friday it will purchase Roslyn Bancorp for $1.57 billion in a merger that will create a network of 32 branches in Queens that are open seven days a week.
New York Community, now based in Westbury, L.I., began as Queens County Bancorp and had its headquarters in downtown Flushing until December 2000, following a merger with Haven Bancorp, which prompted the name change and relocation.
The $12 billion holding company operates 25 branches in Queens and will expand that number to 32 following completion of the merger, New York Community spokeswoman Ilene Angarola said. The new entity will have 9.4 percent of all bank deposits in Queens, ranking fourth among all financial institutions.
Angarola said that the merger with the parent of Roslyn and Roosevelt Savings Banks will mean only good things for customers in the borough.
“If anything, this makes it even more convenient than we already are,” Angarola said of the bank's Queens branches. “We'll have 32 branches open seven days a week.”
When Queens County Savings Bank left its office in Flushing, the site became controversial as local politicians launched a successful campaign to close a flea market located at the former bank headquarters. After failing to attract a national corporation as a tenant, the F&T International Group owners decided to develop the site into an electronics store.
The company resulting from the merger will likely have assets of close to $20 billion with 145 branches in New York state and New Jersey, New York Community officials said.
Roslyn Bancorp, which has $10.9 billion in holdings, currently has its headquarters in Jericho, L.I. and operates 37 branches in Queens, Brooklyn, the Bronx and Long Island.
Stockholders from Roslyn will be given 0.75 share in New York Community stock for every share owned of Roslyn, and each company will have the opportunity to purchase up to 19.9 percent of the other's common stock, according to New York Community officials.
“We are very excited about the prospects for this combined company to grow earnings and market share,” New York Community CEO Joseph Ficalora said. “The merger joins two friendly competitors to create a powerhouse multifamily lender and a premier accumulator of deposits within the attractive New York marketplace.”
Under the terms of the agreement, Roslyn Bancorp would operate as a separate division of New York Community, maintaining its original name to preserve customer confidence.
This is standard practice for New York Community, which is made up of Queens County Savings Bank, Richmond County Savings Bank, CFS Bank, First Savings Bank of New Jersey, Ironbound Bank and South Jersey Bank. All the banking subsidiaries operate under their original names within the New York Community corporation.
Ficalora said its previous experience with purchases and mergers gives his company added leverage in making the transaction as profitable as possible.
The merger “joins two highly efficient companies whose management have a successful record of post-merger integrations,” Ficalora said. “Between us, we've completed seven merger transactions, each one exceeding expectations with regard to earnings accretion and cost savings achieved.”
Following the merger, the combined bank will have branches in the following Queens communities: Astoria, Bayside, Bellerose, College Point, Corona, Corona Heights, Flushing, Forest Hills, Fresh Meadows, Howard Beach, Jackson Heights, Kew Gardens Hills, Little Neck, Long Island City, Ozone Park, Ridgewood, Rockaway Beach, Springfield Gardens, Whitestone, Woodhaven and Woodside.
Flushing will have four branches, Astoria will have three and Bellerose, Forest Hills, Howard Beach, Little Neck, Ozone Park and Woodhaven will all have two.
Reach Reporter Dan Trudeau by e-mail at Timesledger@aol.com, or call 718-229-0300, Ext. 173.
