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New York Community Bancorp, Inc. To Redeem Five Of Its Outstanding Trust Preferred Securities

New York Community Bancorp, Inc. (NYSE: NYCB) (the “Company”) today announced that it will redeem five of its outstanding trust preferred securities (the “Trust Preferred Securities”) with a total carrying amount of $69.2 million, on Monday, December 31, 2012.

In connection with Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Section 171”), which mandates that Tier 1 capital credit for trust preferred securities be phased out over a three-year transition period beginning January 1, 2013, the following trust preferred securities will be redeemed pursuant to redemption provisions relating to the occurrence of a capital treatment event:

Issuer  

Interest Rate of Capital Securities and Debentures

 

Junior Subordinated Debenture Carrying Amount(in thousands)

 

Redemption Price as a Percent of Principal Amount*

Queens County Capital Trust I 11.045 % $10,309 100.000 %
Queens Statutory Trust I 10.600 15,564 104.240
LIF Statutory Trust I 10.600 7,732 104.240

___________*Amounts exclude accrued and unpaid distributions up to and excluding the redemption date.

 

The following trust preferred securities will be redeemed pursuant to redemption provisions relating to optional redemption:

Issuer  

Interest Rate of Capital Securities and Debentures

 

Junior Subordinated Debenture Carrying Amount(in thousands)

 

Redemption Price as a Percent of Principal Amount*

Haven Capital Trust II 10.250 % $23,333 103.588 %
PennFed Capital Trust II 10.180 12,372 104.581

___________*Amounts exclude accrued and unpaid distributions up to and excluding the redemption date.

 

Management does not expect the redemption of the Trust Preferred Securities to have a material impact on the Company’s capital position or regulatory capital ratios.

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