By Bill Parry
The Astoria Financial Corporation, parent company of Astoria Bank, has agreed to merge with New York Community Bancorp in a deal valued at nearly $2 billion.
The merged companies will be called New York Community Bank with 241 branches in Queens, Brooklyn, Long Island and Westchester, and more than 350 branches overall.
New York Community Bancorp President and Chief Executive Joseph Ficalora will lead the combined company.
“We are truly excited to be announcing this merger with our neighbor and friendly competitor, Astoria Financial, the parent of 127-year-old Astoria Bank,” Ficalora said. “We’ve been prepping for a large merger since the end of 2011 and, now all the stars have aligned, I have to say: It looks and certainly feels right.”
The merger is expected to close in 2016’s fourth quarter. The combined companies assets would total $64.1 billion.