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New York Community Bancorp seeks to collect half a billion

New York Community Bancorp
Investing   $500 million of depositary shares

New York Community Bancorp announced pricing of offering of $500 million of depositary shares representing interests in preferred stock.


New York Community Bancorp, the parent company for New York Community Bank and New York Commercial Bank, announced the pricing of its underwritten public offering of 20,000,000 depositary shares.

Each is representing a 1/40th interest in a share of its Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1,000 per share (equivalent to $25 per depositary share).

The company expects to use the net proceeds from the offering for general corporate purposes and expects to contribute a substantial portion of the net proceeds to New York Community Bank and New York Commercial Bank.

The Company intends to apply to list the depositary shares on the New York Stock Exchange under the symbol "NYCB PrA."

The offering is expected to close on March 17, 2017, subject to customary closing conditions. The company has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 depository shares from the company.

 

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