NYCB, Roslyn Agree to Merger

New York Community Bancorp Inc., Westbury, N.Y., and Roslyn Bancorp Inc., Jericho, N.Y., have announced an agreement under which Roslyn would merge into NYCB in a transaction valued at approximately $1.58 billion.The companies said the merger would create the New York metropolitan area's largest community bank, with a pro forma market capitalization of $5.4 billion. The Roslyn Savings Bank, a thrift institution, would operate as a division of NYCB. Roslyn shareholders would receive 0.75 of a share of NYCB common stock in exchange for each share of Roslyn stock held. Joseph R. Ficalora, NYCB's president and chief executive officer, will continue in both roles with the combined company. Joseph L. Mancino, Roslyn's vice chairman, president, and CEO, and Michael F. Manzulli, NYCB's chairman, will serve as co-chairmen of the board. "The merger joins two friendly competitors to create a powerhouse multifamily lender and a premier accumulator of deposits within the attractive metro New York marketplace," said Mr. Ficalora. The companies can be found online at http://www.mynycb.com and http://www.roslyn.com.