Closing of NYCB deal for Astoria to extend beyond year-end
New York Community Bancorp late Thursday said its deal to acquire Astoria Financial Corp. will not close by year's end. This photo of an Astoria Bank was taken on Oct. 29, 2015. Credit: Audrey C. Tiernan
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.
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.
New York Community Bancorp shares closed Thursday up 5 cents to $14.85, while Astoria shares slipped 1 percent to $15.04.
