HICKSVILLE, N.Y., April 26,
2024 /PRNewswire/ -- New York Community Bancorp,
Inc. (NYSE: NYCB) (the "Company") today announced that it has
approved employment inducement awards to three individuals who have
recently become executives of the Company.
In connection with the appointments of (i) Craig Gifford as Senior Executive Vice President
and Chief Financial Officer of the Company, (ii) Scott Shepherd as Senior Executive Vice
President and Head of Commercial Real Estate Lending of the
Company, and (iii) Bao Nguyen as
Senior Executive Vice President, General Counsel, and Chief of
Staff of the Company, the Board of Directors of the Company
approved employment inducement awards for Mr. Gifford, Mr.
Shepherd, and Mr. Nguyen as a material inducement to such
individuals entering into offers of employment with the Company in
reliance on the employment inducement award exception to New York
Stock Exchange Listing Rule 303A.08.
Each of Mr. Gifford, Mr. Shepherd, and Mr. Nguyen was granted a
one-time stock option grant to acquire 3,000,000 shares of the
Company's common stock. Each stock option has an exercise
price of $3.07, which is equal to the
closing price of the Company's common stock on the date of the
grants, and will vest in 3 equal annual installments on the first,
second, and third anniversary of the grant date, with any
applicable taxes payable by way of a net settlement.
The employment inducement awards are being made outside of the
New York Community Bancorp, Inc. 2020 Omnibus Incentive Plan (the
"Plan") and the Company's shareholder-approved equity compensation
plan, but will generally be subject to the same terms and
conditions as apply to awards granted under the Plan.
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 $113.9 billion of assets, $85.8 billion of loans, deposits of $81.4 billion, and total stockholders' equity of
$8.4 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.
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.
Cautionary Note Regarding Forward-Looking Statements
The foregoing disclosures may include forward‐looking statements
within the meaning of the federal securities laws by the Company
pertaining to such matters as our goals, intentions, and
expectations regarding equity award grants, including the terms
thereof; revenues, earnings, loan production, asset quality,
capital levels, and acquisitions, among other matters; our
estimates of future costs and benefits of the actions we may take;
our assessments of probable losses on loans; our assessments of
interest rate and other market risks; and our ability to achieve
our financial and other strategic goals, including those related to
our merger with Flagstar Bancorp, Inc., which was completed on
December 1, 2022, the purchase and
assumption of certain assets and liabilities of Signature Bridge
Bank beginning March 20, 2023 (the
"Signature Transaction"), and our transition to a $100 billion plus bank.
Forward‐looking statements are typically identified by such
words as
"believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," and other similar
words and expressions, and are subject to numerous assumptions,
risks, and uncertainties, which change over time. Additionally,
forward‐looking statements speak only as of the date they are made;
the Company does not assume any duty, and does not undertake, to
update our forward‐looking statements. Furthermore, because
forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward‐looking statements are subject to the following
principal risks and uncertainties: general economic conditions and
trends, either nationally or locally; conditions in the securities
markets; changes in interest rates; changes in deposit flows, and
in the demand for deposit, loan, and investment products and other
financial services; changes in real estate values; changes in the
quality or composition of our loan or investment portfolios;
changes in future allowance for credit losses requirements under
relevant accounting and regulatory requirements; the ability to pay
future dividends at currently expected rates; changes in our
capital management and balance sheet strategies and our ability to
successfully implement such strategies; changes in competitive
pressures among financial institutions or from non‐financial
institutions; changes in legislation, regulations, and policies;
the success of our blockchain and fintech activities, investments
and strategic partnerships; the restructuring of our mortgage
business; the impact of failures or disruptions in or breaches of
the Company's operational or security systems, data or
infrastructure, or those of third parties, including as a result of
cyberattacks or campaigns; the impact of natural disasters, extreme
weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and the Signature Transaction;
the possibility that the anticipated benefits of the transactions
will not be realized when expected or at all; the possibility of
increased legal and compliance costs, including with respect to any
litigation or regulatory actions related to the business practices
of acquired companies or the combined business; diversion of
management's attention from ongoing business operations and
opportunities; the possibility that the Company may be unable to
achieve expected synergies and operating efficiencies in or as a
result of the transactions within the expected timeframes or at
all; and revenues following the transactions may be lower than
expected. Additionally, there can be no assurance that the
Community Benefits Agreement entered into with NCRC, which was
contingent upon the closing of the Company's merger with Flagstar
Bancorp, Inc., will achieve the results or outcome originally
expected or anticipated by us as a result of changes to our
business strategy, performance of the U.S. economy, or changes to
the laws and regulations affecting us, our customers, communities
we serve, and the U.S. economy (including, but not limited to, tax
laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K/A for
the year ended December 31, 2023,
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30,
2023, and September 30, 2023
and in other SEC reports we file. Our forward‐looking statements
may also be subject to other risks and uncertainties, including
those we may discuss in this Amendment, during investor
presentations, or in our other SEC filings, which are accessible on
our website and at the SEC's website, www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Steven
Bodakowski
(248) 312-5872
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SOURCE New York Community Bancorp, Inc.