HICKSVILLE, N.Y., Aug. 2, 2024
/PRNewswire/ -- New York Community Bancorp, Inc. (NYSE: NYCB)
(the "Company") today announced that it has approved
employment inducement awards for two individuals who
have recently become executives of the Company.
In connection with the appointments of (i) Richard Raffetto, as Senior Executive Vice
President and President of Commercial and Private Banking, and (ii)
Kris Gagnon, as Senior Executive
Vice President and Chief Credit Officer, the Compensation Committee
of the Board of Directors of the Company approved employment
inducement awards for Mr. Raffetto and Mr. Gagnon as
a material inducement to such individuals entering into offers
of employment with the Company in reliance on the employment
inducement award exception to New York Stock Exchange Listing
Rule 303A.08.
Both Mr. Raffetto and Mr. Gagnon were granted a one-time stock
option grant to acquire 1,000,000 shares of the Company's
common stock. Each stock option has an exercise price
of $10.48, which is equal to the closing price of the
Company's common stock on the date of the grants, and will
vest in 3 equal annual installments on the first, second, and third
anniversary of the grant date, with any applicable taxes
payable by way of a net settlement.
The employment inducement awards are being made outside of the
New York Community Bancorp, Inc. 2020 Omnibus Incentive Plan
(the "Plan") and the Company's shareholder-approved
equity compensation plan, but will generally be subject to the
same terms and conditions as apply to awards granted under the
Plan.
About New York Community Bancorp, Inc.
New York Community Bancorp, Inc. is the parent company of
Flagstar Bank, N.A., one of the largest regional banks in the
country. The Company is headquartered in Hicksville, New York. At June 30, 2024,
the Company had $119.1 billion of
assets, $82.4 billion of loans,
deposits of $79.0 billion, and
total stockholders' equity of $8.4 billion.
Flagstar Bank, N.A. operates over 400 branches, including a
significant presence in the Northeast and Midwest and locations in
high growth markets in the Southeast and West Coast. Flagstar
Mortgage operates nationally through a wholesale network of
approximately 3,000 third-party mortgage originators. In addition,
the Bank has approximately 90 private banking teams located in over
10 cities in the metropolitan New York
City region and on the West Coast, which serve the needs of
high-net worth individuals and their businesses.
Cautionary Note Regarding Forward-Looking Statements
This earnings release and the associated conference call may
include forward‐looking statements by the Company and our
authorized officers pertaining to such matters as our goals,
beliefs, intentions, and expectations regarding (a) revenues,
earnings, loan production, asset quality, liquidity position,
capital levels, risk analysis, divestitures, acquisitions, and
other material transactions, among other matters; (b) the future
costs and benefits of the actions we may take; (c) our assessments
of credit risk and probable losses on loans and associated
allowances and reserves; (d) our assessments of interest rate and
other market risks; (e) our ability to execute on our strategic
plan, including the sufficiency of our internal resources,
procedures and systems; (f) our ability to attract, incentivize,
and retain key personnel and the roles of key personnel; (g) our
ability to achieve our financial and other strategic goals,
including those related to our merger with Flagstar Bancorp, Inc.,
which was completed on December 1, 2022, our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction, and our ability to fully and timely
implement the risk management programs institutions greater than
$100 billion in assets must maintain; (h) the effect on our capital
ratios of the approval of certain proposals approved by our
shareholders during our 2024 annual meeting of shareholders; (i)
the conversion or exchange of shares of the Company's preferred
stock; and (j) the payment of dividends on shares of the Company's
capital stock, including adjustments to the amount of dividends
payable on shares of the Company's preferred stock.
Forward‐looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "should," "confident," and other
similar words and expressions, and are subject to numerous
assumptions, risks, and uncertainties, which change over time.
Additionally, forward‐looking statements speak only as of the date
they are made; the Company does not assume any duty, and does not
undertake, to update our forward‐looking statements. Furthermore,
because forward‐looking statements are subject to assumptions and
uncertainties, actual results or future events could differ,
possibly materially, from those anticipated in our statements, and
our future performance could differ materially from our historical
results.
Our forward‐looking statements are subject to, among others, the
following principal risks and uncertainties: general economic
conditions and trends, either nationally or locally; conditions in
the securities, credit and financial markets; changes in interest
rates; the inability of the Bank and Nationstar to execute
the transaction contemplated by the MSR Purchase Agreement and
Asset Purchase Agreement or satisfy customary closing
conditions; changes in deposit flows, and in the demand for
deposit, loan, and investment products and other financial
services; changes in real estate values; changes in the quality or
composition of our loan or investment portfolios, including
associated allowances and reserves; changes in future allowance for
credit losses, including changes required under relevant accounting
and regulatory requirements; the ability to pay future dividends;
changes in our capital management and balance sheet strategies and
our ability to successfully implement such strategies; recent
turnover in our Board of Directors and our executive management
team; changes in our strategic plan, including changes in our
internal resources, procedures and systems, and our ability to
successfully implement such plan; changes in competitive pressures
among financial institutions or from non‐financial institutions;
changes in legislation, regulations, and policies; the imposition
of restrictions on our operations by bank regulators; the outcome
of pending or threatened litigation, or of investigations or any
other matters before regulatory agencies, whether currently
existing or commencing in the future; the success of our blockchain
and fintech activities, investments and strategic partnerships; the
restructuring of our mortgage business; the impact of failures or
disruptions in or breaches of the Company's operational or security
systems, data or infrastructure, or those of third parties,
including as a result of cyberattacks or campaigns; the impact of
natural disasters, extreme weather events, military conflict
(including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible
expansion of such conflicts and potential geopolitical
consequences), terrorism or other geopolitical events; and a
variety of other matters which, by their nature, are subject to
significant uncertainties and/or are beyond our control. Our
forward-looking statements are also subject to the following
principal risks and uncertainties with respect to our merger with
Flagstar Bancorp, which was completed on December 1, 2022, and our acquisition of
substantial portions of the former Signature Bank through an
FDIC-assisted transaction: the possibility that the anticipated
benefits of the transactions will not be realized when expected or
at all; the possibility of increased legal and compliance costs,
including with respect to any litigation or regulatory actions
related to the business practices of acquired companies or the
combined business; diversion of management's attention from ongoing
business operations and opportunities; the possibility that the
Company may be unable to achieve expected synergies and operating
efficiencies in or as a result of the transactions within the
expected timeframes or at all; and revenues following the
transactions may be lower than expected. Additionally, there can be
no assurance that the Community Benefits Agreement entered into
with NCRC, which was contingent upon the closing of the Company's
merger with Flagstar Bancorp, Inc., will achieve the results or
outcome originally expected or anticipated by us as a result of
changes to our business strategy, performance of the U.S. economy,
or changes to the laws and regulations affecting us, our customers,
communities we serve, and the U.S. economy (including, but not
limited to, tax laws and regulations).
More information regarding some of these factors is provided in
the Risk Factors section of our Annual Report on Form 10‐K/A for
the year ended December 31, 2023,
Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and in other SEC reports we file.
Our forward‐looking statements may also be subject to other risks
and uncertainties, including those we may discuss in this news
release, on our conference call, during investor presentations, or
in our SEC filings, which are accessible on our website and at the
SEC's website, www.sec.gov.
Investor Contact:
Salvatore J. DiMartino
(516) 683-4286
Media Contact:
Steven Bodakowski
(248) 312-5872
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-york-community-bancorp-inc-announces-additional-inducement-awards-302213727.html
SOURCE New York Community Bancorp, Inc.