New York Community Bancorp has agreed to purchase Astoria Financial Corp., the parent company of New York-based Astoria Bank, in a deal valued at roughly $2 billion, the two companies announced in a press release today.
NYCB and Astoria Financial share similar lending practices with a special focus on multifamily loans on rent-regulated apartment buildings across the New York metropolitan area.
“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,” Joseph Ficalora, NYCB’s president and chief executive officer, said in prepared remarks. “We’ve been prepping for a large merger since the end of 2011 and, now that all the stars have aligned, I have to say: It certainly looks and feels right.”
Under the new company, Mr. Ficalora will maintain his current role, while Astoria Financial President and CEO Monte Redman and Chairman Ralph Palleschi will become members of the board of directors of NYCB and its subsidiaries.
Full content: The Motley Fool
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI