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Pending Acquisition | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Pending Acquisition | Note 13. Pending Acquisition Acquisition of Flagstar Bancorp, Inc. On April 26, 2021, the Company announced that it had entered into a definitive merger agreement (the “Merger Agreement”) under which we would acquire Flagstar Bancorp, Inc. ("Flagstar") in a 100% stock transaction valued at the time at $2.6 billion (the “Merger”). Under terms of the Merger Agreement, which was unanimously approved by the Boards of Directors of both companies, Flagstar shareholders will receive 4.0151 shares of New York Community common stock for each Flagstar share they own. Following completion of the Merger, New York Community shareholders are expected to own 68% of the combined company, while Flagstar shareholders are expected to own 32% of the combined company. Currently, it does not appear that regulatory approval will be received in time to close the merger during the fourth quarter of 2021, as previously anticipated. We now estimate an anticipated closing as soon in 2022 as we can obtain regulatory approvals. The new company will have over $85 billion in total assets, operate nearly 400 traditional branches in nine states, and retail home lending offices across a 28-state footprint. It will have its headquarters on Long Island, N.Y. with regional headquarters in Troy, Michigan, including Flagstar's mortgage operations.

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