New York Community Bank and Flagstar Bank Complete the Operational Conversion of Systems and Retail Branch Network; Unveils New National Branding Across all Branches

Rhea-AI Summary

New York Community Bancorp, Inc. (NYSE: NYCB) and Flagstar Bank, N.A. complete operational system conversion, unveiling new Flagstar brand. Clients benefit from enhanced online and mobile banking tools, a new Flagstar mobile app, and a national rebranding effort across 400+ branches and 500+ ATMs.

• New York Community Bank and Flagstar Bank client accounts unified
  under single operating system
• New Flagstar brand unveiled, including a new Flagstar.com website
• Clients may access combined network of branches & ATMs

HICKSVILLE, N.Y., Feb. 21, 2024 /PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB) (the "Company)" and its subsidiary, Flagstar Bank, N.A., ("Flagstar" or the "Bank"), today announced completion of the operational conversion of systems for New York Community Bank and Flagstar Bank, and national rebranding to Flagstar—further integrating the Company as one bank and one team. Clients are now unified under a single platform, which includes access to enhanced online and mobile banking tools, and a new Flagstar mobile app. In addition, a new vibrant national Flagstar brand was unveiled that seamlessly fuses the best of each company into a differentiated concept that is now visible across the Bank's network of more than 400 retail branches, 500 ATMs, and all customer touchpoints.

"The merging of NYCB's and Flagstar's operating systems—soon to be followed by Signature Bank—and national rebranding is an important inflection point in our history. It signifies the coming together of three philosophies, heritages, and brands, committed to growing stronger as one company aligned under the Flagstar name," said Sandro DiNello, Executive Chairman. "We're excited for our communities and stakeholders to fully realize the benefits of bringing our companies together. We remain confident in the strength of the Bank, and believe we are well-positioned to deliver the full range of our products, services, and expertise under a single foundation."

The new Flagstar brand delivers a fresh look and symbolizes strength, stability, and confidence. It's a sophisticated yet human brand that aspires to energize clients and communities and align Flagstar's capabilities and expertise with their goals. 

DiNello added, "I want to give a special thanks to our talented teammates—9,000 strong—who have spent many months working toward this important moment and rose to the occasion to make today happen. Every decision that went into launching the new brand and integrating the companies, including a new website, logo and signage, and an elevated customer experience, was centered on a singular focus—aligning for our future as one bank."

Information detailing the conversion and transition to the new Flagstar brand and system was mailed to impacted customers in January.

About New York Community Bancorp, Inc.

New York Community Bancorp, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York. At December 31, 2023, the Company had $116.3 billion of assets, $85.8 billion of loans, deposits of $81.4 billion, and total stockholders' equity of $10.8 billion.

Flagstar Bank, N.A. operates 420 branches, including strong footholds in the Northeast and Midwest and exposure to high growth markets in the Southeast and West Coast. Flagstar Mortgage operates nationally through a wholesale network of approximately 3,000 third-party mortgage originators. In addition, the Bank has 134 private banking teams located in over ten cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses.

New York Community Bancorp, Inc. has market-leading positions in several national businesses, including multi-family lending, mortgage origination and servicing, and warehouse lending. The Company is the second largest multi-family portfolio lender in the country and the leading multi-family portfolio lender in the New York City market area, where it specializes in rent-regulated, non-luxury apartment buildings. Flagstar Mortgage is the seventh largest bank originator of residential mortgages for the 12-months ending December 31, 2023, while we are the industry's fifth largest sub-servicer of mortgage loans nationwide, servicing 1.4 million accounts with $382 billion in unpaid principal balances. Additionally, the Company is the second largest mortgage warehouse lender nationally based on total commitments.

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

Media Contact:
Nicole Yelland
(248) 312-5872

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SOURCE New York Community Bancorp, Inc.

FAQ

What is the ticker symbol for New York Community Bancorp, Inc.?

The ticker symbol for New York Community Bancorp, Inc. is NYCB.

What changes were announced by New York Community Bancorp, Inc. and Flagstar Bank, N.A.?

New York Community Bancorp, Inc. and Flagstar Bank, N.A. announced the completion of the operational conversion of systems, adopting the new Flagstar brand.

How many retail branches does the new Flagstar brand have?

The new Flagstar brand has a network of more than 400 retail branches.

What benefits do clients get from the new Flagstar brand?

Clients can access enhanced online and mobile banking tools, a new Flagstar mobile app, and a national rebranding effort that symbolizes strength, stability, and confidence.

Who is the Executive Chairman of New York Community Bancorp, Inc.?

Sandro DiNello is the Executive Chairman of New York Community Bancorp, Inc.