New York Community Bancorp, Inc. Announces Change to Its Board Of Directors

Rhea-AI Summary

The Board of Directors of New York Community Bancorp (NYSE: NYCB) has appointed President and CEO Thomas R. Cangemi as Chairman of the Board, effective immediately. This decision follows the retirement of Michael J. Levine from the Chairman position after 17 years of service. Cangemi is expected to uphold the interests of shareholders while steering the company towards its strategic goals. As of December 31, 2020, the company reported assets of $56.3 billion, loans of $42.9 billion, and deposits of $32.4 billion.

Positive

• Thomas R. Cangemi appointed as Chairman, bringing continuity in leadership.
• Cangemi's dual role may enhance decision-making and strategic alignment.

Negative

• Retirement of Michael J. Levine raises concerns about continuity in leadership.

WESTBURY, N.Y., March 26, 2021 /PRNewswire/ -- The Board of Directors of New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company") today named President and Chief Executive Officer, Thomas R. Cangemi to the additional role of Chairman of the Board of Directors of both the Company and New York Community Bank (the "Bank"), effective immediately.

Michael J. Levine is retiring as Non-Executive Chairman from both the Company and the Bank Boards for personal reasons.  Mr. Levine has been a director for 17 years and has capably served the organization as a member of multiple committees, Chairman of the Risk Assessment Committee and the Nominating and Corporate Governance Committee, and prior to being named Chairman, as the Board's Independent Presiding Director.

Commenting on the announcement, Hanif "Wally" Dahya, the Company's current Independent Presiding Director, stated, "On behalf of our Board of Directors, I wish to convey our sincere gratitude to Mike on his many years of service to the Company and for his insight and business acumen. The Board continues to have the utmost confidence in Tom and knows that he will continue to represent the best interests of the Company's shareholders, while carrying out its strategic goals and objectives."

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. At December 31, 2020, the Company reported assets of $56.3 billion, loans of $42.9 billion, deposits of $32.4 billion, and stockholders' equity of $6.8 billion.

Reflecting our growth through a series of acquisitions, the Company operates 237 branches through eight local divisions, each with a history of service 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 in New Jersey; Ohio Savings Bank in Ohio; and AmTrust Bank in Florida and Arizona.

Investor/Media Contact:	Salvatore J. DiMartino
	(516) 683-4286

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SOURCE New York Community Bancorp, Inc.

FAQ

What recent leadership change occurred at New York Community Bancorp?

Thomas R. Cangemi has been appointed as Chairman of the Board, in addition to his role as President and CEO.

Why did Michael J. Levine retire from his position at New York Community Bancorp?

Michael J. Levine retired from the role of Non-Executive Chairman for personal reasons, after serving for 17 years.

What financial position did New York Community Bancorp report as of December 31, 2020?

As of December 31, 2020, NYCB reported assets of $56.3 billion, loans of $42.9 billion, and deposits of $32.4 billion.

How might Thomas R. Cangemi's appointment impact NYCB?

Cangemi's appointment as Chairman is expected to provide continuity in leadership and strengthen strategic initiatives.