WESTBURY, N.Y. & CRANFORD, N.J.--(BUSINESS WIRE)--New York Community Bancorp, Inc. (NYSE: NYB - News), the holding company for New York Community Bank and New York Commercial Bank, and Synergy Financial Group, Inc. (NASDAQ/Global Market: SYNF) ("Synergy"), the holding company for Synergy Bank, today announced that the New York State Banking Department has approved the acquisition of Synergy Bank by New York Community Bank.The acquisition has now received all the necessary regulatory approvals and was approved by Synergy's shareholders earlier this month. As a result, the acquisition has been scheduled for completion on the morning of October 1, 2007, at which time Synergy will merge with and into New York Community Bancorp and Synergy Bank will commence operations as a division of New York Community Bank.
Under the terms of the Agreement and Plan of Merger, Synergy shareholders will receive 0.80 of a share of New York Community Bancorp, Inc. stock for each share of Synergy held at the effective date of the merger, and cash in lieu of any fractional share based on the closing price of New York Community Bancorp stock on September 27, 2007. Upon completion of the transaction, New York Community Bancorp, Inc. will have approximately 324 million outstanding shares of common stock.
New York Community Bancorp, Inc.
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