The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Approval of the Application by New York Community Bancorp, Inc.
July 8, 2005
NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by New York Community Bancorp, Inc., Westbury, New York, to acquire, through its wholly owned subsidiary, New York Community Bank, Flushing, New York, 100 percent of the voting shares of New York Commercial Bank, Flushing, New York.
According to standard procedure, the proposal cannot be completed sooner than 15 days, or later than 3 months, from the date of this announcement.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.