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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: