New York Community Bancorp late Thursday said its deal to acquire Astoria Financial Corp. will not close by year’s end.

The deal, announced in 2015, is waiting for regulatory approval.

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The Westbury-based company said that because the deal won’t close by the end of this year, it, or Astoria Financial, could terminate the merger without penalty.

In a news release, New York Community Bancorp said both companies remained committed to the deal, which was valued at $2 billion when it was announced.

The combined company would have assets of about $64 billion. It would also be designated a systemically important financial institution, which means it would face tighter financial controls from regulators.

A bank is designated a SIFI if its failure would cause significant disruption to the economy.

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New York Community Bancorp shares closed Thursday up 5 cents to $14.85, while Astoria shares slipped 1 percent to $15.04.