<SEC-DOCUMENT>0001193125-16-472892.txt : 20160502
<SEC-HEADER>0001193125-16-472892.hdr.sgml : 20160502
<ACCEPTANCE-DATETIME>20160223114301
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ACCESSION NUMBER:		0001193125-16-472892
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW YORK COMMUNITY BANCORP INC
		CENTRAL INDEX KEY:			0000910073
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		IRS NUMBER:				061377322
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		615 MERRICK AVE
		CITY:			WESTBURY
		STATE:			NY
		ZIP:			11590
		BUSINESS PHONE:		7183596400

	MAIL ADDRESS:	
		STREET 1:		615 MERRICK AVE
		CITY:			WESTBURY
		STATE:			NY
		ZIP:			11590

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUEENS COUNTY BANCORP INC
		DATE OF NAME CHANGE:	19930802
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">February 23, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Via EDGAR and BY HAND </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Era Anagnosti, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Branch Chief, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Office of Financial Services, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities and
Exchange Commission, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 F Street, N.E., </P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, D.C. 20549. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Re:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">New York Community Bancorp, Inc. Registration Statement on</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">Form S-4 (File No. 333-208649)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Anagnosti: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter, together with Amendment No.&nbsp;2 (&#147;<U>Amendment No.&nbsp;2</U>&#148;) to the above-referenced registration statement on
Form S-4 (the &#147;<U>Registration Statement</U>&#148;) of New York Community Bancorp, Inc. (&#147;<U>NYCB</U>&#148;) filed today with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) via EDGAR, responds to the letter,
dated February&nbsp;12, 2016, to Joseph R. Ficalora, President and Chief Executive Officer of NYCB, from the staff (the &#147;<U>Staff</U>&#148;) of the Commission regarding the amended Registration Statement, including the joint proxy
statement/prospectus contained therein, filed with the Commission on January&nbsp;29, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, NYCB has reproduced
each of the Staff&#146;s comments below and provided its responses below each comment. Capitalized terms used in this letter and not otherwise defined have the meanings assigned to such terms in the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note your response to comment 2. While in your response you discuss the mechanics of how the issuance of the new depositary shares will be achieved, you have not addressed, however, that the depositary shares
represent securities as the term is defined in Section&nbsp;2(a)(1) of the Securities Act of 1933, which issuance must either be registered or exempt from registration. Given that the depositary shares will be issued as part of a single registered
merger transaction, we believe that you should revise the relevant sections of your registration statement to properly register the issuance of your depositary shares. Furthermore, please have counsel revise its legal opinion to opine on the
legality of these securities.</I> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph R. Ficalora </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York Community Bancorp, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 23, 2016 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We understand that it is the Staff&#146;s view that the exchange of Astoria preferred stock for NYCB preferred stock constitutes an exchange of
Astoria depositary shares for NYCB depositary shares and, therefore, an &#147;issuance&#148; of NYCB depositary shares. Further, we note the Staff&#146;s request that NYCB register under the Securities Act its shares of preferred stock and its
depositary shares that will be outstanding after the merger because they are &#147;part of a single registered merger transaction.&#148; As a result of the Staff&#146;s view, the Registration Statement has been revised in response to the
Staff&#146;s request to register the depositary shares. Please refer to the registration fee table and pages 13 and 110 in Amendment No.&nbsp;2 to the Registration Statement. Additionally, the opinion of counsel filed as Exhibit 5 to the
Registration Statement has been revised to opine on the legality of the depositary shares and refiled with Amendment No.&nbsp;2 to the Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The Merger </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Opinion of Goldman, Sachs&nbsp;&amp; Co.,
page 60 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your response to comment 12. You state among other things in your response, that &#147;Goldman Sachs and Credit Suisse disregarded the Astoria financial forecasts and relied exclusively on I/B/E/S estimates
in connection with their financial analysis and opinions.&#148; [emphasis added] Please revise your disclosure to remove the last bullet point pertaining to the Astoria&#146;s financial forecasts. In this regard, we note that your &#147;Opinion of
Credit Suisse Securities (USA) LLC&#148; disclosure on page 66 does not list the Astoria financial forecasts as materials considered by Credit Suisse in rendering its opinion. Otherwise, please expand to disclose that the Astoria financial forecasts
at the request of Astoria&#146;s management were fully disregarded and not relied upon for purposes of rendering Goldman&#146;s final analysis and opinion. Please make a similar change to the Credit Suisse&#146;s disclosure starting on page 66.</I>
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registration Statement has been revised in response to the Staff&#146;s comment. Please refer to pages 65 and 73 in Amendment No.&nbsp;2 to
the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Opinion of Credit Suisse Securities (USA) LLC </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Financial Advisor Disclosure, page 74 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><I>We note your response and revisions in response to comment 15. In light of the disclosure requirements of Item&nbsp;1015(b)(4)(i) of Regulation
M-A, we continue to believe that additional information about the incentive fee to be paid to Credit Suisse should be</I> </P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph R. Ficalora </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York Community Bancorp, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 23, 2016 </P>
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<I>disclosed. Since the role of a financial advisor in a merger transaction is typically defined through the rendering of a fairness opinion from a financial point of view of the merger
consideration, please revise your disclosure to explain what role Credit Suisse was intended to play in connection with the transaction, how the NYCB board would assess that role and the timing of this assessment. To the extent that the payment of
this additional incentive fee is tied to a successful closing of the merger transaction, so disclose. Please ensure to update your disclosures if the assessment and the decision to grant the additional incentive to Credit Suisse takes place prior to
the effectiveness of the registration statement, disclosing also the specific factors that the NYCB board considered, as well as the actual amount paid or to be paid to Credit Suisse. As previously requested in our comment 15, please disclose the
cap to this discretionary fee and whether or not is measured as a percentage of the total merger consideration.</I> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Credit
Suisse&#146;s role in the merger was to be an additional financial advisor to the board of directors of NYCB and to render a written opinion to the board of directors of NYCB with respect to the fairness, from a financial point of view, to NYCB of
the merger consideration. Given the significance of the merger to NYCB, the board of directors wanted an additional opinion from another financial advisor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Credit Suisse will receive a transaction fee of $5 million for its services as financial advisor to NYCB in connection with the merger, $1
million of which became payable to Credit Suisse upon the rendering of its opinion to the NYCB board of directors and the balance of which is contingent upon completion of the merger. NYCB may, in its sole discretion, pay to Credit Suisse an
additional incentive amount upon completion of the merger reflecting NYCB&#146;s assessment of Credit Suisse&#146;s role in connection with the transaction, the amount of which would be determined by NYCB in its sole discretion and which amount
would not be subject to any cap or measured as a percentage of the total merger consideration (there being no understanding as to what specific factors, if any, that NYCB would take into account in exercising its discretion). NYCB has informed
Credit Suisse that NYCB does not currently expect to pay such additional incentive amount to Credit Suisse. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registration Statement has
been revised in response to the Staff&#146;s comment. Please refer to page 80 in Amendment No.2 to the Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Material U.S. Federal
Income Tax Consequences of the Merger </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Tax Consequences of the Merger Generally, page 118 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note that the tax opinions filed as Exhibits 8.1 and 8.2 are provided in &#147;short-form.&#148; Please revise your disclosure to make clear that the disclosure of the material tax consequences of the merger
transaction in the prospectus represents the opinion of counsel, identifying counsel. For guidance, please refer to Section III.B.2 of Staff Legal Bulletin No. 19.</I> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph R. Ficalora </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York Community Bancorp, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 23, 2016 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registration Statement has been revised in response to the Staff&#146;s comment. Please refer to page 126 in Amendment No.&nbsp;2 to the
Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">**** </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph R. Ficalora </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York Community Bancorp, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 23, 2016 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have additional questions or require any additional information with respect to the
Registration Statement or this letter, please do not hesitate to contact me at (516)&nbsp;683-4570 or r.patrick.quinn@mynycb.com or Jared M. Fishman at (212)&nbsp;558-1689 or fishmanj@sullcrom.com. </P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ R. Patrick Quinn</P></TD></TR>
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<TD VALIGN="top">R. Patrick Quinn, Esq.</TD></TR>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Joseph R. Ficalora</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(New York Community Bancorp, Inc.)</TD></TR>
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<TD VALIGN="bottom">H. Rodgin Cohen, Esq.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Mark J. Menting, Esq.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Jared M. Fishman , Esq.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(Sullivan&nbsp;&amp; Cromwell LLP)</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Edward D. Herlihy, Esq.</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Matthew M. Guest, Esq.</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(Wachtell, Lipton, Rosen&nbsp;&amp; Katz)</TD></TR>
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