New York Community Bancorp (NYCB) and Flagstar Bancorp (FBC) announced that NYCB has received regulatory approval from the Federal Reserve Board to complete its previously announced acquisition of Flagstar Bancorp. On October 28, NYCB and Flagstar announced the receipt of regulatory approval from the Office of the Comptroller of the Currency to convert Flagstar Bank, FSB to a national bank to be known as Flagstar Bank, N.A. and to merge New York Community Bank into Flagstar Bank, N.A. With the FRB approval, no further regulatory approvals are required to complete the acquisition. The consummation of the acquisition of Flagstar by NYCB is expected to take place on December 1, subject to the satisfaction of the remaining customary closing conditions set forth in the merger agreement between the two companies. The company will continue to be known as New York Community Bancorp and trade under the "NYCB" ticker symbol.
Published first on TheFly
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