New York Community Bancorp, Synergy merger on track for Oct. 1 completion

By Lisa Kerner

Charlotte, N.C., Sept. 26 - The New York State Banking Department approved the acquisition of Synergy Financial Group, Inc. by New York Community Bancorp, Inc.

Synergy shareholders approved the merger on Sept. 18. With all the necessary approvals now in place, the acquisition is slated to close on Oct. 1, a joint news release stated.

Under the May 14 merger agreement, Synergy shareholders will receive 0.8 of a share of New York Community common stock for each of their Synergy shares in a transaction valued at an estimated $168.3 million.

Synergy will merge with and into New York Community Bancorp, and Synergy Bank will merge with and into New York Community Bank.

New York Community Bancorp is based in Westbury, N.Y., and is the holding company for New York Community Bank and New York Commercial Bank. Cranford, N.J.-based Synergy Financial Group is the holding company for Synergy Bank and Synergy Financial Services, Inc.

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